Story highlights Obama spoke for the first time since the election

GOP will hold at least 52 Senate seats, according to CNN projections

President Barack Obama isn't ceding ground on his most controversial policies despite an election that delivered a stinging rebuke to him and his party on Capitol Hill.

During a roughly 90-minute press conference Wednesday, Obama gave no sign that he'd accept major revisions to his signature health care law, change his mind on bypassing Congress on immigration or consent to Republican demands on energy and the environment.

Indeed, the President didn't do much to suggest that his White House would work differently after Republicans won at least 52 seats in the Senate and their biggest majority in the House since World War II.

While Obama made clear he had no desire to reshape his agenda, he did acknowledge that voters dealt his party a dramatic defeat on Tuesday.

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"To those of you who voted, I hear you," Obama said in his first public remarks since the election. To those who didn't vote, "I hear you too."

Obama avoided language like "shellacking," which he used to describe losses Democrats experienced in 2010. The closest he got to accepting blame for the campaign came when he said every election result offers a "moment for reflection."

"There is no doubt the Republicans had a good night," Obama said.

The success of Obama's final years in office could rely on Kentucky Sen. Mitch McConnell, who is in line to become the next Senate majority leader. The two men have had an antagonistic relationship -- McConnell once vowed to make Obama a one-term president -- but have occasionally found common ground. McConnell worked closely with the administration, though mostly through Vice President Joe Biden, to broker a deal in 2012 to avert the so-called fiscal cliff.

Obama reached out to McConnell on Wednesday and sounded an optimistic tone during the press conference.

"You know, actually, I would enjoy having some Kentucky bourbon with Mitch McConnell," Obama said.

Still, the distance between Obama and McConnell quickly became clear. They both identified tax reform as a potential area of compromise. But Obama described that effort by encouraging lawmakers to lower tax rates by closing loopholes -- a strategy McConnell and other Republicans have rejected for years.

Photos: The new GOP power players Photos: The new GOP power players Sen. John McCain – Sen. John McCain is expected to become the next chairman of the Armed Services Committee. McCain is a vocal critic of President Obama for being too soft on foreign policy. If he assumes the position, he will likely push for ground troops in Syria and Iraq in an effort to defeat ISIS. Hide Caption 1 of 15 Photos: The new GOP power players Sen. Thad Cochran – Sen. Thad Cochran is in line to become chairman of the Appropriations Committee. The Mississippi Republican will have major influence over government funding as he oversees 13 spending bills for the next fiscal year. Hide Caption 2 of 15 Photos: The new GOP power players Sen. Jeff Sessions – Sen. Jeff Sessions is next in line to chair the Budget Committee. The Alabama senator is a budget hawk who is interested in cutting government spending and waste. Hide Caption 3 of 15 Photos: The new GOP power players Sen. John Thune – Sen. John Thune is set to chair the Commerce, Science, and Transportation Committee. He would focus on business and trade legislation and oversight. Hide Caption 4 of 15 Photos: The new GOP power players Sen. Lisa Murkowski – Sen. Lisa Murkowski would lead Energy and Natural Resources Committee. She is expected to push to lift the ban on exporting crude oil and build support for the Keystone XL Pipeline. Hide Caption 5 of 15 Photos: The new GOP power players Sen. Jim Inhofe – Sen. Jim Inhofe is in position to head the Environment and Public Works Committee. The Oklahoma Republican has voiced his skepticism against climate change claims, calling it "the most-media hyped environmental issue." Hide Caption 6 of 15 Photos: The new GOP power players Sen. Orrin Hatch – Sen. Orrin Hatch will lead the powerful tax-writing Finance Committee during a year many senators are clamoring to overhaul the tax code. He also has major influence on the Affordable Care Act and Medicare and Social Security. Hide Caption 7 of 15 Photos: The new GOP power players Sen. Bob Corker – Sen. Bob Corker will head the Foreign Relations Committee. He's been a chief critic of the White House on Syria and Iran but has also shown a willingness to work with President Obama. Hide Caption 8 of 15 Photos: The new GOP power players Sen. Ron Johnson – Sen. Ron Johnson will lead the Homeland Security and Government Affairs Committee. A critic of the administration's handling of Benghazi, the Wisconsin Republican is likely to conduct another investigation. Hide Caption 9 of 15 Photos: The new GOP power players Sen. Lamar Alexander – Sen. Lamar Alexander is set to be the next chairman of the Health, Education, Labor and Pension Committee. He is a proponent for education reform and would likely push to decrease government intervention in state education systems. Hide Caption 10 of 15 Photos: The new GOP power players Sen. Chuck Grassley – Sen. Chuck Grassley will become the next chairman of the Judiciary Committee. If Obama waits until next year to nominate a new attorney general, Grassley would play a key role in the confirmation process. Hide Caption 11 of 15 Photos: The new GOP power players Sen. Richard Burr – Sen. Richard Burr is a likely candidate for two chairmanship positions. He is currently the ranking member of the Veteran Affairs Committee, but is also the next in line to chair the Intelligence Committee and has expressed interest in that panel. He has yet to decide which post he will take. Hide Caption 12 of 15 Photos: The new GOP power players Sen. Johnny Isakson – If Sen. Burr does not accept the Veteran Affairs Committee chairmanship, Sen. Johnny Isakson is rumored to take up the gavel. The Georgian has served on the committee since 2011. Hide Caption 13 of 15 Photos: The new GOP power players Sen. James Risch – Sen. James Risch will likely lead the Small Business and Entrepreneurship Committee. If Sen. Burr decides not to chair the Intelligence Committee, the Idaho Republican would be the next in line. Hide Caption 14 of 15 Photos: The new GOP power players Sen. Richard Shelby – Sen. Richard Shelby will become the chairman of the Banking, Housing and Urban Affairs Committee, a position he held from 2003 to 2007. He is a critic of the Dodd-Frank Act. Hide Caption 15 of 15

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During a press conference in Kentucky, McConnell urged Obama to follow Ronald Reagan and Bill Clinton, who built domestic legacies despite often having to deal with a Congress controlled by opposing parties.

McConnell said those two presidents are "good examples of accepting the government you have rather than fantasizing about the government you wished you had."

"The president has really got a choice," he said. "There certainly are going to be areas of disagreement."

It will take time to see whether McConnell has running room from conservatives within his party who may prefer a strategy of confrontation. Obama, meanwhile, must consider how he can safeguard his own political legacy of health care reform, a Wall Street overhaul and an uneven economic recovery.

But Obama insisted that the bitter polarization that has plagued his crisis-scarred presidency and turned his hair gray doesn't get him down.

"It doesn't make me mopey," he said. "It energizes me, because it means that this democracy's working."