Former House Speaker Newt Gingrich said Tuesday that the GOP midterm election victories represent an "enormous wave," and a potentially historic comeback for Republicans.

"If we have more than 55 Republican seats, net, tonight, it is the biggest repudiation of a White House since 1932," Gingrich said. "No party has gained more than 55 seats since 1932."

While the final tally remains to be seen, Gingrich says the GOP gains are representative of voters' repudiation of the Obama administration policies.

"It's a very strong signal which says, Washington is not listening to us, and we're gonna fire people until we get Washington's attention," he said. "I think that's a profound shift."

The former House speaker, who found himself as a sort of prime minister in 1994, which Republicans gained back control of both houses of Congress during the Clinton administration, says the first thing a new Republican House majority should do is address possible tax cuts that became a dividing issue during the midterm campaigns.

"The first thing Republicans in the House have to do is pass, the first week of January, out of Ways and Means, the second week out of House itself, a no-tax-increase on anyone during this recession," Gingrich said. "Send it to the Senate where I think enough public pressure can be generated back home - the Senate will pass it down to the president. Before the State of the Union, he has to decide - is he going to wage class warfare in a recession or sign a no-tax-increase bill sent by a Democratic Senate and Republican House? That's the first step of 2011."

Gingrich also said that he believes Nancy Pelosi could run successfully for House minority leader.

"She has to decide if she wants to stay," he said. "The Democratic party in the House will be more liberal, because moderate Democrats are getting beaten in most places. I'm guessing she would win reelection as the minority leader, if that is something she is willing to do. She has to make that decision."