The balance of power shifted in Washington as Republicans captured enough seats in the midterm elections to win a majority in the House, but Democrats managed to hang on to a more evenly divided Senate.
At press time, Republicans had won 55 seats in the House, giving them a 239 to 183 majority, while Democrats retained a 51 to 47 edge (with two independents who lean Democratic) in the Senate after Republicans picked up six seats, with several key races still undecided.
Senate Majority Leader Harry Reid, D-Nev., held onto his seat, defeating Republican nominee Sharron Angle. House Minority Leader John Boehner, R-Ohio, is poised to take over the job of Speaker of the House from Nancy Pelosi, D-Calif. House Republican Whip Eric Cantor of Virginia will become House Majority Leader.
The Republican gains in Congress are likely to affect a number of tax and accounting-related issues, especially as Congress is set to deal with the expiring Bush tax cuts and the question of what to do about the already expired estate tax.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access