In some states, early voting has been underway for weeks as voters submitted mail-in ballots and cast their votes at polling stations.
Candidates vying for seats in the U.S. House of Representatives and Senate are campaigning tirelessly in a final push to woo voters who have yet to cast ballots.
From Pennsylvania to California, a number of key races are virtual dead heats.
Results from the midterms will shape the priorities of Congress and its relationship with President Barack Obama as he enters the second half of his presidential term.
Midterms reflect the mood of the country
Midterm elections occur at the midpoint of a president’s four-year term in office. Often times the outcomes of midterm elections are a reflection of voters’ satisfaction or frustration with the current White House administration.
The direction of the country will weigh heavily on the minds of voters come Nov. 2.
With President Obama’s approval rating among Americans hovering just below 50 percent, this could prove to be a tough midterm election for Democrats.
“It's a change election. [Voters] are throwing people out,” said David Brooks, a columnist for the New York Times, on the Oct. 22 NewsHour. “Unfortunately for [Democrats], they are in office and they're feeling the wrath of the voters.”
What's at stake?
In this election all 435 seats in the U.S House of Representatives are up for grabs; while in the Senate 37 of its 100 seats are up for reelection (representatives serve two-year terms while senators serve six-year terms).
Experts and polls suggest that Republicans will win the 39 seats needed to take control of the House of Reps.
Currently, Democrats have the majority in both chambers of Congress, accounting for 59 seats in the Senate and 255 seats in the House.
The nonpartisan Cook Political Report predicts that Republicans will gain 48 to 60 seats in the House -- well above the 39 seats they need to retake control. However, picking up the 10 seats need to gain control of the Senate will be difficult. Republicans would need to win tight races in Pennsylvania, Colorado, Illinois and Nevada.
Candidates’ spending reaches billions
Former EBAY CEO Meg Whitman, a Republican candidate for governor in California, has spent over $160 million of her own money.
The amount of spending on television and radio commercials has broken records.
David Eggan of the Washington Post reported that as of last week, House and Senate campaigns had taken in more than $1.5 billion, exceeding the total collected by congressional candidates in 2006 and in 2008.
Republican candidates reportedly have a $30 million fundraising advantage over Democrats this midterm season.
A replay of 1994?
Former Democratic President Bill Clinton saw his party lose control of Congress during his first-term. He may ultimately prove to be President Obama's best source for advice if history repeats itself next week.
If Republicans assume control of at least onechamber of Congress, President Obama will face what his Democratic predecessor, Bill Clinton, experienced in 1994. In that midterm election, Republicans gained control in the House by winning 54 seats.
"I've seen this movie before. If it keeps going, it doesn't have a happy ending," said former President Clinton while campaigning for Democratic candidates this fall.
If history were to repeat itself, President Obama would be forced to work with a Republican controlled House or entire Congress for the remaining two years of his term. Republicans have been open about their plans to undermine the president and reverse legislation they opposed such as healthcare and financial reform.
“The single most important thing we want to achieve is for President Obama to be a one-term president,” said Senate Minority Leader Mitch McConnell (R-Ky.) in an interview last week.
If the Republicans take control of the Senate, McConnell would likely be in charge, making the next two years leading up to the 2012 presidential election tough for President Obama and his supporters.