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.

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