What the Election Means for Business

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The Republican Revolution that took Capitol Hill by storm 12 years ago,giving business unprecedented access to the corridors of power,suffered a stunning reversal on Nov. 7, amid an unpopular war, congressional scandals, and widespread unease about the state of the economy, despite generally positive economic numbers, BusinessWeek.com reports.


After a tumultuous political year filled with bitter personal attacks, Democrats accomplished what pundits said was all but impossible in January: They took back the House of Representatives, and with surprising ease. As of midnight EST, Democrats had taken 33 seats from the GOP,far more than the 15 seats they needed to take control of the House,with another 16 seats still in play. As of midnight, Republicans still were clinging to control of the Senate. Needing six GOP seats to retake the upper chamber, Democrats were leading in five races, with the Virginia race between Republican George Allen and Democrat Jim Webb too close to call.


Despite President Bush’s insistence that the American economy was strong, and getting stronger, 52% of voters said the economy was weak, while just 47% said that the U.S. is in the midst of good economic times, NBC exit polls found. And voters who said the economy was the most important issue to them favored Democrats by 20 percentage points, according to CNN exit polls.


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