VIDEO: Obama Delivers Victory Speech
Obama told a rally of cheering supporters that the election ``reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up, we have fought our way back.''
For the United States, ``the best is yet to come,'' he told thousands of cheering supporters in his hometown of Chicago.
Romney said he had called Obama to concede, and in an appearance before supporters in Boston he congratulated the president saying, ``I pray that he will be successful in guiding our nation.''
Both Romney and Obama spoke of the need for unity and healing the nation's partisan divide. But the election did nothing to end America's divided government. The Democrats retained their narrow majority in the Senate, while the Republicans kept firm control of the House of Representatives.
Obama's narrow lead in the popular vote will make it difficult for him to claim a sweeping mandate. With returns from 88 per cent of the nation's precincts, Obama had 55.8 million, 49.8 per cent of the popular vote.
Romney had 54.5 million, or 48.6 per cent, but Obama did have a sizeable victory where it mattered, in the competition for electoral votes. He had at least 303 votes to Romney's 206.
(The Associated Press)