American Midterm Elections

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I am from the Philippines, but I followed closely the events in American politics since the nomination of Barack Obama. The midterm elections just happened. After the dust has settled, it is clear that the Republicans have made strides in reclaiming power. What are the implications of this election for the USA when it comes to world relations, war on terror and the global economy? Do you think the Republicans can hold on to/increase these gains by 2012 and beyond?