CNN news reports that although the popular vote narrowly favored Obama the electoral college was was a (projected) landslide wtih 155 votes for McCain and 338 for Obama, with 4 states too close to call, and the polls not yet closed in Alaska. The number of electoral votes per state is determined by state population.
FOX news reports that the balance of power in Congress looks as such:
Senate: D-53, R-45, I-2
House: D- 242, R-193
Courtesy of CNN.com
livelect.wordpress.com 