In 2004, after narrowly defeating John Kerry, President Bush boasted he had earned political capital and he intended to spend it.

What political capital, then, have Democrats just earned?

The dust has settled, most of the results are now in, and for Republicans, the results are not good. Democrats have taken solid control of the House, capturing 27 Republican-held seats and leading in two other races. They are on the verge of taking the Senate as well, with Democratic wins in Virginia and Montana likely, although not yet certain.

Ultimately, one can point to two things that cost Republicans this election: Mark Foley and Iraq. Exit polls indicated many voters were unhappy with Bush, with the war in Iraq, and with what they perceived to be corruption in Congress.

The jury is still out on the corruption—that issue will undoubtedly come up again and again in the not so distant future—but clearly Iraq is not going to go away anytime soon. To paraphrase an old saying: Republicans made their own bed on that one, and now they have to lie in it.

The “good” news for conservatives? We’ve essentially been operating with a Democratic-controlled Congress since Bush became president. Republicans technically controlled Congress, but the result was out of control government spending and big government policies. Maybe now that they’re no longer the party in power, Republicans will make some sort of attempt to return to their fiscally conservative roots.