Alaska Sen. Ted Stevens has lost a close election to Democratic challenger Mark Begich, the mayor of Anchorage.

WASHINGTON (CNN) – Sen. Ted Stevens turned 85-years-old Tuesday, but his slice of birthday cake was served with a side of bitter. The one-time powerful lawmaker lost re-election to Anchorage Mayor Mark Begich.

He now heads home to Alaska, and quite possibly prison. Stevens was convicted last month on seven federal corruption charges for filing false statements on his Senate ethics forms.

It has been a hard fall for the one time chairman of the Senate Appropriations Committee. Stevens was once one of the most influential lawmakers on Capitol Hill, if not in the nation’s capital. As oil poured south from the Alaska pipeline – “Uncle Ted” as he is affectionately known in his adopted home state – made sure federal dollars flowed north. His diligence in sending what some critics describe as pork dollars helped to build the infrastructure of modern-day Alaska, which won statehood in 1959.

On Tuesday, Stevens expressed his frustration to reporters including my colleague Ted Barrett about the toll this ordeal has taken on him.

“I wouldn’t wish what I’m going through on anyone, my worst enemy,” Stevens told reporters in the Capitol. He went on to complain that he has not “had a night’s sleep in almost four months.”

And it has been a lonely four months for the veteran senator, who saw his Republican colleagues distance themselves from him. This did change Wednesday morning as National Republican Senatorial Committee Chairman John Ensign opened his political briefing by stating that Democrats would have at least 58 seats in the new Congress.

Now, Democrats are just two seats away from a filibuster-proof majority with unresolved races in Georgia and Minnesota determining what will happen.

It was a bittersweet loss for Ensign. Stevens’ troubles added to a long list of Republican ethical woes in the past few years that have helped tarnish the GOP brand. But had Stevens won, Ensign predicted the Alaska senator would have been expelled by his Senate colleagues thus creating a special election. Under this scenario, Ensign predicted that Republicans would have held onto the seat and limiting Democratic gains by at least one.

As of early Wednesday afternoon, Stevens had not conceded the race and Ensign said that he would leave that up to him. But as far as Senate Republicans are concerned they have moved on and now are solely focused on winning Georgia and Minnesota – two contests critical to helping the GOP stage a strong defense against Democratic policies and President-elect Barack Obama’s agenda.

What will happen to Stevens is still unknown. He has yet to be sentenced and his fate now lies in the hands of outgoing President George Bush — who could pardon the one-time Capitol Hill titan and spare him prison time.

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ST LOUIS Missouri (CNN) - Political Editor Mark Preston takes us
behind the scenes at the St Louis Vice Presidential debate.

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Delegates applaud during the opening session of the Republican National Convention.

WASHINGTON (CNN) – The fireworks over Denver and balloon drop in St. Paul are distant memories of the 2008 presidential conventions, but Harry Rubenstein and Larry Bird hope the handful of Democratic and Republican delegates who pledged to help preserve history keep their word.

Watch: Preserving convention history

While the international media descended upon Colorado and Minnesota to report on the day-to-day activities of the presidential conventions, Rubenstein and Bird were present to chronicle the daily lives and moods of the delegates for future generations.

They work for the Smithsonian Institution, and they are tasked with putting together a historical narrative of these unique national events that bring together political activists every four years to help select the next president.

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Watch the latest edition of Preston on Politics.

(CNN) — In this latest installment of “Preston on Politics,” Nicolle Wallace, a senior advisor to Sen. John McCain, talks about the presumptive Republican presidential nominee’s political strategy, as well as what distinguishes him from President Bush.

Watch Preston on Politics with Evan Tracey as this week's featured guest

WASHINGTON (CNN) – Barack Obama's decision to forgo public financing for his presidential campaign provides him with the tools needed to implement a "Shock and Awe" television ad strategy designed to paralyze John McCain's campaign, an expert on political TV advertising said in an interview with CNN.

The better-funded Obama is likely to force McCain to spend money on TV ads in Arkansas, Georgia and North Carolina, said Evan Tracey, CNN's consultant on political television advertising. At this point in the campaign, these are states that CNN projects McCain has an edge over the Illinois Democrat, but by no means are these states safely in the Arizona Republican's column.

DON'T MISS: analysis on the deceptive South Dakota primary attack ad that only ran once.

Obama is expected to raise three or four times the $85 million he would have received from the public financing system, providing him with a huge financial advantage over McCain, who has opted to take the public funds.

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