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The Senate race in Iowa, in which Republican Joni Ernst is running against Democrat Bruce Braley, could help the GOP retake the Senate majority in the midterm elections.

NEW YORK (CNNMoney)

That would put Republicans in the lead on key budget issues that have been the source of hair-raising drama in the past few years: taxes, spending and the debt ceiling.

What then?

CNNMoney asked seasoned political and policy analysts to give their take.

The most likely scenario, they say, is that Republicans will end up acting more centrist-right than Tea Party-right.

First, they know the next presidential election is right around the corner.

Remember last year's government shutdown -- forced by far right lawmakers and disparaged by Republican leaders?

"The GOP has to show they'll govern and get things done ahead of 2016 to better compete with Hillary Clinton," said Greg Valliere, chief political strategist of the Potomac Research Group.

Second, any Republican majority in the Senate could be slim, falling short of the 60 votes needed to prevent filibusters on key bills.

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Taxes and spending: What happens if Republicans win the Senate