The GOP will lose 12 net seats and still maintain a majority in the House.
The GOP will lose 2 net seats in the Senate and still maintain their majority.

Dems will claim victory
The Democrats will, however, claim victory saying that their increased representation in both houses of congress proves that Americans are “fed up” with George Bush and his “failed Iraq” policies and irresponsible “tax cuts for the rich.” They will then continue to talk about how this “shift in power” signifies that Aermica is becoming more “moderate” and will call on the Republicans to end their “extreme” policies. The elite media will talk about this proves that the GOP must run a “moderate” Republican in order to compete with Hillary. Only McCain or perhaps a “reasoned Moderate” such as Chuck Hagel. I can hear them now. “We have received a clear mandate from the American people tonight.” They will talk about how when Ruth Bader and Justice Stevens step down (which both very may well in the very near future) how “Bush will need to nominate more “moderate” judges in the mold not of Scalia and Thomas but in the mold of Kennedy and O’Connor. And of course this fallacious logic will justify all sorts of obstruction and fillibustering for the next two years. The bottom line is that they will fall short of their major goal to retake control of Congress and impeach Bush. But they will still claim victory and a clear “mandate.”

Dems will accuse GOP of “stealing” the election (a novel concept for the Dems)
I predict they will also claim that Rove was behind the “negative” campaign strategy and will accuse Rove and the GOP of playing the “race card” againse Harold Ford in TN who I believe will lose to Republican Bob Corker for the US Senate. They will also challenge any race that is within 5,000 votes cliaming “voter intimidation” and “disenfranchisement.” They will claim that the Diebold voting machines were rigged and that Republicans supressed the vote in many urban areas by putting up signs that say “voter ID required” near polling stations. And on and on the excuses and introspection will go during the Democrat month or two of quiet mourning.

Should be a serious “Wake Up Call” for the GOP
And I hope that the GOP gets the message that the voters demand immediate change on a number of issues most notably more aggressive legislation on illegal immigration and serious government spending cuts. The reason that their numbers are low isn’t because they are not taxing and spending enough like Dems are calling for. They are low because for the past 5 years too many Republicans have morphed into Democrats which is not what Republicans want to do if they hope to enact a conservative agenda in the long-run and maitain a sustained governing majority.