Fox News' Chris Wallace talked with Republican congressmen Eric Cantor and Mike Pence. Cantor is in line to take the number two position for Republicans in the House. Pence is set for the number three spot.

Pence stressed that after a major loss to Democrats in Tuesday's election, Republicans would rebuild their party based on social issues and fiscal conservatism.

"You build those conservative solutions, Chris, on the same time-honored principles of limited government, a belief in free markets, in the sanctity of life, the sanctity of marriage. There were three state referendums on marriage ... all three carried. The vitality of the conservative movement around the country is very real," said Pence.

Cantor told Wallace that Republicans would be counterweight against the power of the Democrats. Cantor said, "You will see a Republican party in Congress serving as a check and a balance against Mr. Obama's power and Speaker Pelosi's power."