President Barack Obama Wednesday addressed his party's 2014 midterm election thumping saying "It's time for us to take care of business."

Obama struck a conciliatory tone during White House East Room news conference saying the American people sent a message that they expected elected officials to be responsive to their needs. He said he would compromise with Republicans on issues like infrastructure spending, corporate taxes and trade, but would overhaul the immigration system no matter what.

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The President said it was obvious the GOP "had a good night," adding, "they deserve credit for running good campaigns." He challenged congressional Republicans to come up with a specific agenda that would "break through the gridlock and get stuff done."

Successful Republican campaigns included Senate victories in seven seats held by Democrats. Republicans picked up seats in Arkansas, Colorado, Iowa, Montana, North Carolina, South Dakota and West Virginia.

Alaska's Senate race was too close to call and Louisiana's will continue in December with a run-off since the winner didn't get more than 50 percent of the vote. Republicans also picked up several governorships held by Democrats.

Meanwhile, Sen. Mitch McConnell (R-Ky.), who won reelection and now becomes Senate Majority Leader setting that body's agenda, held a Louisville, Ky., saying he wanted to work with Obama and the Democrats.

However, McConnell also said he would pursue the repeal of the Affordable Health Care, Obama's signature achievement giving millions of people health insurance, also known as Obamacare. The President said he wouldn't let the law be repealed.

The midterm election spelled trouble in big letters for the Democrats who lost elections all across the country. The GOP picked up 15 additional House of Representative seats giving them their largest majority in the House since just following World War II. 

The seven Senate seats picked up by Republicans gives them a 52-47 majority with the two races still undecided. The Democrats had controlled 55 seats.

Tags2014 Elections, Obama, McConnell, Democrats, Republicans