Michael Medved has written a very interesting column for The Daily Beast which I highly recommend to you. For those with limited time, let me summarize the key point.
Medved has the numbers which show that, economically speaking, which party controls the House of Representatives is more important than which party controls the White House. That is a big finding.
The Constitution requires that spending bills originate in the House. A president cannot spend money the Congress won't appropriate. Republican-controlled House sessions don't appropriate nearly as much money as Democrat-controlled House sessions.
Not that who is elected president is unimportant, for that individual pretty much controls both foreign policy and the bully pulpit. However, in terms of who controls the size of budgetary deficits and government spending, Medved says control of the House is key. Hat tip to Lucianne.com for the link.