US Midterm Elections2014: Republicans win overall Senate majority

Rout, bloodbath, republican wave. Those are the words being used to describe the defeat Barack Obama’s Democrats have suffered in the US midterm elections 2014.
The defeat will limit Obama’s political influence and curb his legislative agenda in his last two years in office.

GOP (Grand Old Party or Republicans) candidates won in places where Democrats were favoured, like a Senate race in North Carolina; pulled out victories where the going was tough, like a Senate battle in Kansas; and swept a number of governors’ races in states where Democrats were favoured, like Obama’s home state of Illinois. They also strengthened their grip on the House of Representatives, with at least 240 seats.

When the new Congress takes power in January, the GOP will be in charge of both chambers of Congress for the first time since elections in 2006 and by a majority close to historic highs. If they can win more than 246 seats, they would exceed their numbers from 1947-49 Congress during the Truman administration, AP reports.

Republican Senator Mitch McConnell of Kentucky, who won a tough re-election battle against Democrat Alison Lundergan Grimes, will replace Democrat Harry Reid as Senate majority leader.

Senator Mitch McConnell

The Republican victory might actually end political gridlock, providing U.S. companies the clarity and stability they need from Washington, says business commentator

Victory for Republicans in the Senate. The GOP now controls both chambers of Congress. This could be good news for U.S. business — but not for the obvious reasons.
Conventional wisdom might suggest that the business-friendly Republican party will use their influence to repeal or scale back many regulations and programs unpopular with U.S. businesses, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Affordable Care Act, efforts to curb tax dodging deals, and restrictions on drilling for oil in protected areas.