After a long, hard fought campaign, the end came more quickly than anyone had predicted. At just 8:20 p.m. Pacific, CNN called the election for President Barack Obama.

Just after 10:30 p.m. Gov. Mitt Romney conceded defeat and less than an hour later, Pesident Obama spoke from Chicago.

"Tonight in this election, you the American people remind us that though our road has been hard, our journey has been long, we have picked ourselves up, we have fought our way back and we know in our hearts that for the United States of America, the best is yet to come."

Obama struck a bipartisan note, urging Americans of all political stripes to work together for the common good. He has never been more hopeful, he said.

"Our economy is recovering. A decade of war is ending. A long campaign is now over. And whether I earned your vote or not, I have listened to you, I have learned from you, and you have made me a better president.

"And with your stories and your struggles, I return to the White House more determined and more inspired than ever about the work there is to do and the future that lies ahead."

He said he would sit down with Gov. Romney and look for ways to work together.

Romney's concession speech also urged Americans to move beyond partisan politics.
"This is a time of great challenges for America, and I pray that the president will be successful in guiding our nation," he said.
"Our leaders have to reach across the aisle to do the people's work. And we citizens also have to rise to the occasion."

Obama's victory came after wins in the Midwest. The president won the battleground states of Pennsylvania, Ohio, Wisconsin and Iowa.

Democrats have other reasons to celebrate. Elizabeth Warren defeated Scott Brown in the Massachusetts Senate race. Joe Donelly defeated Richard Mourdock in the Indiana Senate race. Claire McCaskill handily defeated Todd Akin in the Missouri Senate race.

But it wasn't all bad news for Republicans. The president's margin of victory was slimmer than in 2008, and Republicans retained control of the U.S. House of Representatives.