WASHINGTON (NewsNation Now) — Georgia is on the minds of everyone in Washington. Two runoff elections set for January, already have the potential to be among the most expensive Senate races ever.

The reason: the two seats could determine the balance of power in the Senate.

At this moment, the split between the two parties is 48 to 48, including two independents who caucus with the Democrats.

The Associated Press has not yet called Senate races in Alaska or North Carolina.

Republicans hold leads in each of those races.

Democrats would need to win both races in Georgia to take control of the Senate if you factor in Vice President-elect Kamala Harris’ ability to issue tiebreaking votes.

Republican Sen. David Perdue (R-GA) is still fighting for his seat against Democrat Jon Ossoff.

The two men will face off in a runoff on Jan. 5 after a Libertarian candidate won enough support to prevent either from winning more than 50% of the vote.

In the other Georgia senate race, Republican Sen. Kelly Loeffler (R-GA) is fighting a challenge from Democrat Raphael Warnock.

They finished at the top of a crowded field, but both failed to win a majority of the votes in that contest.

Loeffler was appointed to the seat after her predecessor retired earlier this year, so she is fighting to win the remaining two years of her term.