For any Democrats wondering if the party can possibly come back to majority status in the next four years, it's clear that it will be an uphill battle. But consider the state of affairs for the Republicans in 1976:
Carter: 297 electoral votes
Ford: 240 electoral votes
Senate: 61 Democrats, 38 Republicans, 1 Independent
House of Representatives: 292 Democrats, 143 Republicans
The Republicans lost a very close Presidential election, but in Congress they faced withering minority status including a cloture-proof minority in the Senate. Four years later they won a Presidential election in a landslide, made substantial gains in the House, and took the Senate outright.
Obviously this isn't to imply a historical analogy which can reasonably be expected to repeat itself at this point, but it does illustrate that stranger things have happened, and will happen again.
(Data via InfoPlease.
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