Georgia voted yesterday and, while the results are not yet final, one race has been called for Democrat Warnock, and in the other, Democrat Ossoff is ahead and will probably win. Thus, the Senate will likely be split exactly 50-50 and Vice President Harris will vote to break ties.
Chuck Schumer (D-NY) will be majority leader, replacing Mitch McConnell. Expect bad things (and bad judges) as a result of razor-thin party line votes. Except that the filibuster still exists, at least until the Senate votes 51-50 to repeal it, which its rules do permit.
Historically, the Senate requires 60 votes to pass most legislation, and it has been rare that one party has that many. Thus its main function has been to prevent the more extreme ideas of each party from becoming law.
How this will play out in the days ahead remains to be seen. We will watch with interest as it unfolds, and comment on the interesting bits.