1. Can Obama regain his mojo?
The latest Gallup data show the president's approval rating is now even with his disapproval rating, with both at 48 percent. That's the first time Obama hasn't been underwater in the polls since September 2013.
It's not hard to see why. Economic news continues to get better. The stock market recently cracked 18,000. And gas prices have dropped.
Does this mean Obama will suddenly return to Washington and be a popular president? Of course not. Opposition to him is pretty baked-in. The question is whether he'll have real political capital in dealing with the new Republican-controlled Congress. And political capital aside, he's got his legacy to think about.
2. Will anything get done?
Congress hasn't gotten much done in recent years. When it has, it was because it faced a deadline and consequences for not passing something. Now that both chambers are controlled by the GOP for the first time in Obama's tenure, does that change?
Republicans will contend that they can pass legislation and put it on Obama's desk, thereby increasing pressure on Obama. Of course, it still remains to be seen whether that legislation will actually get to Obama's desk. Republicans, after all, control 54 Senate seats — not 60, the threshold for overcoming filibusters.
3. Does the Democratic Party turn the page?