I have a little more stomach for this than Steve Hayward does, but I’ll be in bed shortly as well.
Democrats will have the kind of majority in the House that Republicans now have; that is, they’ll pick up 25-30 seats. The two Democrat-held Georgia seats that RCP rated as toss-ups still seem to be too close to call, though I hold out only the slightest chance that Republicans will pick up one of them (either GA-8, where incumbent John Barrow is clinging to a lead of less than 1,000 votes with 92% of the precincts reporting, according to CNN, or GA-12, where Republican challenger Mac Collins has an almost 1,200 vote margin with 94% of the precincts reporting). I wouldn’t be shocked to see recounts in both races.
One thing to remember: there were an awful lot of close races won by Democrats in a year that was bad for Republicans. It’s going to take a bit of doing to convert those hitherto Republican seats into solid Democratic gains. In some cases--like Heath Shuler’s seat in western North Carolina--they’ll have to be able to establish their independence from the national Democratic Party, or the national Democratic Party is going to have to change to accommodate them. Will the Clintonian "Third Way" be resurrected? Will the netroots put up with this?
Of course, Republicans will have to clean house in order to be able to challenge these vulnerable Democrats in two years. And the situation in Iraq will have to look quite different.
As for the Senate, I think the three seats the Democrats need to take control are all within their grasp. Virginia is a cliffhanger, with Webb up by less than 2,000 votes with 99% of the precincts reporting. There will be a recount. Talent is leading in Missouri, but apparently no votes have been counted from St. Louis or Kansas City, which suggests to me that his prospects are dim. And Jon Tester is leading Conrad Burns in Montana; I suspect we’ve seen the bluest parts of the state report, but I’m not confident that Burns can pull that one out. Which leaves Maryland, which everyone but the Washington Post is calling for Cardin. There’s the small matter of 200,000 absentee ballots I noted here. In other words, we can all go to sleep because control of the Senate won’t be decided for a couple of days.
Update: O.K., Im not quite ready to call it quits, though perhaps with these results Max Burns and Mac Collins should. Both races are close, but it looks like the Democratic incumbents will hold on.