Boehner loses his title

House Majority Leader John Boehner will have to turn in his title, new office suite in the U.S. Capitol and - possibly - $18,300 raise after Democrats won enough House seats to take control of the U.S. House for the first time in 12 years.

The West Chester Republican has said he'll run for House Minority Leader, but he'll have competition and the loss of the chamber might hurt his chances. Shortly after results came in last night, here's what he said in a statement:

“I’d like to congratulate House Democrats on a hard-fought campaign.
We are deeply disappointed in the outcome, but as Republicans we must recommit
ourselves to the principles that brought us to the majority and renew our drive
for smaller, more efficient, more accountable government.

“I’ve said since January during my run for Majority Leader that
that we as Republicans must return to the spirit of ’94 and its focus on
reform. The American people strongly supported our ideas and agenda in
1994, and they still do. We made progress this year by instituting greater
fiscal discipline, rejecting some $45 billion in wasteful Democrat spending,
enacting comprehensive earmark reform, and continuing to provide tax relief, but
clearly we must do more and we must do better.

“Our challenge as Republicans is to regain our confidence, our courage, and our energy to address the big issues that matter – balancing the budget by reducing the size of government and cutting wasteful spending, reforming entitlement programs that aren’t sustainable for our children and our grandchildren, providing tax relief
to enhance freedom and prosperity for American families, and strengthening
national and border security.

“If Republicans stand together and unite behind solutions and ideas that move us closer to our common vision of a freer, more prosperous America, I’m confident the American people will return us to the majority in two years.”