Latest projections show Republicans have won enough seats to take control of the House, while the Democrats will keep enough seats to hold onto the Senate.
Republicans needed to win 39 seats that were held by Democrats in order to win the majority in the House.
CBN News Senior Editor John Waage and John Fund of the Wall Street Journal gave more insight into the election results on the Nov. 3 edition of the 700 Club. Click play to watch the interview.
With polls results still being counted in the West Coast, the latest projections gave the GOP 43 House seats held by Democrats. Republicans were also leading in another two dozen districts.
"I'll never let you down," House Republican leader John Boehner, the likely next speaker, told Tea Party supporters in his home state of Ohio.
Republicans picked up five Democratic-held seats in Pennsylvania, and three each in Ohio, Florida, and Virginia. Democrats took one seat from the GOP in Delaware and another in Louisiana.
In South Carolina, Tim Scott is now the first black Republican to ever be elected to the U.S. House from his state.
Campaigning by President Barack Obama last week also wasn't enough to draw a win for Democrat Tom Periello, who was defeated by the Robert Hurt in Virginia's 5th district. Republican Scott Rigell ousted freshman Democrat Rep. Glenn Nye, recapturing a swing district for the GOP.
A few prominent Democratic wins include House Budget Committee Chairman John Spratt from South Carolina, House Armed Services Committee Chairman Ike Skelton and Banking Committee Chairman Barney Frank.
On the Senate side, predictions aren't as favorable for Republicans. In Florida, Republican Daniel Webster -- who was labeled "Taliban Dan" by his opponent because he's a conservative Christian -- defeated Democratic Rep. Alan Grayson.
In Nevada, Majority Leader Harry Reid will keep his job. Reid defeated Tea Party challenger Sharron Angle in race that had been seen as a dead heat in recent polls.
Republicans were able to capture six other Senate seats that had been in Democratic hands, including the seat that was once held by President Barack Obama in Illinois.
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