Obama is going to continue pushing left, the GOP is going to be a huge obstacle and nothing will get done-- but for now things will not deteriorate any further.
Obama is probably the biggest winner yesterday. As mental midget and international sex offender Benny Blanco correctly remarked, 2012 is all that matters.
If the GOP stops the bleeding and actually turns things around, Obama is going to be heralded as the second coming, and he might not be as lame a duck as everyone thinks. People, who were so fast to prop up the left in 2006+2008 and then toss them overboard in 2010, will have no memory of what has transpired in 2012.
Now, theres always the possibility that Obama is too stupid and arrogant to see the writing on the wall and continues to legislate like he is a South East Asian dictator. That would be the best case scenario for the GOP. If things stay the same, it's Obama's fault. If things get worse, it's Obama's fault. If things get better, it was the GOP standing up to Obama that got the job done.