The 1974 United States Senate elections were held in the wake of the Watergate scandal, Richard M. Nixon's resignation from the presidency, and Gerald Ford's subsequent pardon of Nixon. Economic issues, specifically inflation and stagnation, were also a factor that contributed to Republican losses. As an immediate result of the November 1974 elections, Democrats made a net gain of three seats from the Republicans, as they defeated Republican incumbents in Colorado and Kentucky and picked up open seats in Florida and Vermont, while Republicans won the open seat in Nevada. Following the elections, at the beginning of the 94th U.S. Congress, the Democratic caucus controlled 61 seats (including one independent) and the Republican caucus controlled 38 seats (including one Conservative).