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Yes and No. Although they have the house and the Senate, they don't have the presidency. And they don't have the 2/3 majority that is needed to overturn a veto (I'm pretty sure that it's 2/3, I may be wrong). So basically, this is going to turn into a couple years of basically nothing getting done.
Also, it's unfortunate how people voted. In my state (michigan), the unemployment is tied for the worst in the country (7.1%), yet the people decided that the governor we have is doing a fine job... just doesn't make sense. We're going to have to pay for that mistake. Unless there are huge changes, I can't see it being any different. Hopefully by the next election, people will see how bad our governor is.