Republicans would likely filibuster Democratic bills in the Senate. And Luskin notes President Bush would still hold his veto pen.

What is there to worry about?

"Things that are likely to happen that would create mischief have a chance of getting some bipartisan support," Luskin said.

He sees some risk of protectionism. Sen. Charles Schumer, D-N.Y., and Sen. Lindsey Graham, R-S.C., already are pushing a bipartisan bill that would slap a 27.5% tariff on imports from China.

"An event that triggered a firestorm that crossed party lines" could lead to a protectionist backlash, Luskin said.

He also sees some risk of "a global warming panic" that leads to bipartisan support for a carbon tax.

But even with Democratic control of Congress, these things "probably won't happen," Luskin said.