Willard M. Romney/John Thune (R): 306 EV, 52%
Barack Obama/Joseph Biden (D): 232 EV, 47%
In the aftermath of more banks declaring bankruptcy despite being “too big to fail” and an unemployment rate that stood at 9 percent a week before Election Day and a favorability/unfavorability rating of 45/50 percent, former Massachusetts Governor and Republican nominee Willard "Mitt" Romney and his running mate Senator John Thune of South Dakota triumphed over the incumbent.
While the Democrats made gains in House elections, it was not enough to take back control of the chamber.
R: 225 (-17)
D: 210 (+17)
In the Senate, the Republicans won enough seats to take control.
MA: Elizabeth Warren (D) defeated Senator Scott Brown (R).
Democrat GainCT: Rep. Chris Murphy (D) defeated Linda McMahon (R). Senator Joe Lieberman (I) retired.
Democrat GainMT: Rep. Denny Rehberg (R) defeated Senator Jon Tester (D).
Republican GainAZ: Rep. Jeff Flake (R) defeated Don Bivens (D). Senator Jon Kyl (R) retired.
TX: Lt Gov. David Dewhurst (R) defeated Paul Sadler (D). Senator Kay Bailey Hutchison (R) retired.
WI: Rep. Tammy Baldwin (D) defeated former Gov. Tommy Thompson (R). Senator Herb Kohl (D) retired.
NM: Rep. Martin Heinrich (D) defeated former Rep. Heather Wilson (R). Senator Jeff Bingaman retired.
ND: Rep. Rick Berg (R) defeated former Attorney General Heidi Heitkamp. Senator Kent Conrad (D) retired.
Republican GainHI: Rep. Mazie Hirono (D) defeated former Governor Linda Lingle (R). Senator Daniel Akaka (D) retired.
MO: State Auditor Sarah Steelman (R) defeated Senator Claire McCaskill (R).
Republican GainNE: Attorney General Jon Bruning (R) defeated former Lt Gov. Kim Robak (D). Senator Ben Nelson (D) retired.
Republican GainVA: Former Governor Tim Kaine (D) defeated former Senator George Allen (R). Senator Jim Webb (D) retired.
NV: Appointed Senator Dean Heller (R) wins a full six-year term by over 2,500 votes over Rep. Shelly Berkley (D).
R: 50 (+3)
D: 49 (-2)
I: 1 (-1), Bernie Sanders (VT) caucuses with the Democrats
Vice President-elect John Thune will cast the tie breaking vote as President of the Senate giving Republicans majority control.
On December 4, 2012, Thune resigned from the US Senate. Governor Dennis Daugaard of South Dakota appointed his predecessor Mike Rounds to Thune's seat. A special election for the seat is scheduled for Election Day 2014 at the same time that the state's other Senator Tim Johnson will be up for reelection.
Speaker John Boehner, House Majority Leader Eric Cantor and House Majority Whip Kevin McCarthy are reelected to their positions.
Mitch McConnell (R-KY) is the new Senate Majority Leader. John Cornyn (R-TX) is elected Senate Majority Whip by his colleagues after Jim DeMint (R-SC) decided not to seek that position, opting to become Chairman of the Banking, Housing and Urban Affairs Committee.
As the most senior Republican, Richard Lugar (R-IN) is elected Senate President Pro Tempore.
Rep. Nancy Pelosi stuns the political world when she announces that she will not seek another term as House Minority Leader and will not seek reelection in 2014. Democrats elect Steny Hoyer House Minority Leader while James Clyburn becomes House Minority Whip.
Senator Harry Reid retains his leadership of the Democrats and is elected Senate Minority Leader. Charles Schumer is elected Senate Minority Whip after Senator Dick Durbin announces he will not seek reelection in 2014.
January 20, 2013: Inauguration Day. Mitt Romney is sworn in as President. In his inaugural address, Romney promises an administration that will embrace more freedom and deregulation over more government. He calls on Congress to repeal Obamacare and rewrite health insurance legislation. Harry Reid vows to prevent a vote on repeal of Obamacare, and he has the votes to prevent it.
As a result, gridlock continued in the nation's capital. Despite having the White House and Congress, Republicans were unable to pass much of their agenda. President Romney had to compromise with the Democrats on a watered down tax bill that kept the payroll tax cuts in place until June 30, 2019 and cut the lowest capital gains tax rate from 15 to 12 percent for sales of small business stock effective May 1, 2016.
On social issues, gays were still allowed to serve in the military (Carl Levin and Kirstin Gillibrand vowed to block a vote on the Defense Appropriations bill if Romney reinstated "Don't Ask, Don't Tell"). President Romney reluctantly agreed to a smaller cut in funding for Planned Parenthood to prevent the Federal Government from shutting down during October 2013. Evangelicals and Tea Partiers were furious.
While Governor Chris Christie was reelected in New Jersey, the Democrats won back the Virginia Governor's mansion with Brian Moran's victory over State Attorney General Ken Cuccinelli. In New York City, Speaker of the NYC Council Christine Quinn became the first woman and first openly gay or lesbian elected mayor with Mike Bloomberg announcing his retirement from politics.