President Barack Obama rolled to re-election Tuesday night, vanquishing former Massachusetts Gov. Mitt Romney despite a weak economy that plagued his first term and put a crimp in the middle class dreams of millions. In victory, he confidently promised better days ahead.
Obama spoke to thousands of cheering supporters in his hometown of Chicago, praising Romney and declaring his optimism for the next four years. “While our road has been hard, though 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,” he said.
Romney made a brief, graceful concession speech before a disappointed crowd in Boston. He summoned all Americans to pray for Obama and urged the night's political winners to put partisan bickering aside and “reach across the aisle” to tackle the nation's problems.
Still, after the costliest — and one of the nastiest — campaigns in history, divided government was alive and well.
Democrats retained control of the Senate with surprising ease. With three races too close to call, they had the possibility of gaining a seat.
Republicans won the House, ensuring that Speaker John Boehner of Ohio, Obama's partner in unsuccessful deficit talks, would reclaim his seat at the bargaining table. With numerous races as yet uncalled, the size of the GOP majority was unknown.
At Obama headquarters in Chicago, a huge crowd gathered waving small American flags and cheering. Supporters hugged each other, danced and pumped their fists in the air. Excited crowds also gathered in New York's Times Square, at Faneuil Hall in Boston and near the White House in Washington, drivers joyfully honking as they passed by.
With returns from 88 percent of the nation's precincts, Obama had 55.8 million, 49.8 percent of the popular vote. Romney had 54.5 million, or 48.6 percent.
The president's laserlike focus on the battleground states allowed him to run up a 303-206 margin in the competition for the 270 electoral votes needed to win the White House, the count that mattered most. Remarkably, given the sour economy, he lost only two states that he captured in 2008, Indiana and North Carolina.
Florida, another Obama state four years ago, remains too close to call.
Top issues to voters
The election emerged as a choice between two very different visions of government — whether it occupies a major, front-row place in American lives or is in the background as a less-obtrusive facilitator for private enterprise and entrepreneurship.
The economy was rated the top issue by about 60 percent of voters surveyed as they left their polling places. But more said former President George W. Bush bore responsibility for current circumstances than Obama did after nearly four years in office.
That boded well for the president, who had worked to turn the election into a choice between his proposals and Romney's, rather than a simple referendum on the economy during his time in the White House.
Unemployment stood at 7.9 percent on Election Day, higher than when the president took office. And despite signs of progress, the economy is still struggling after the worst recession in history.
Obama captured Ohio, Wisconsin, Iowa, Virginia, New Hampshire, Colorado and Nevada, seven of the nine states where the rivals and their allies poured nearly $1 billion into dueling television commercials. He also won in the reliably Democratic Northeast and on the West Coast. Pennsylvania was his, too, despite two late campaign stops by Romney.
Romney won most of the South as well as much of the Rocky Mountain West and Farm Belt. He also took North Carolina among the battleground states.
The president was in Chicago as he awaited the voters' verdict on his four years in office. He told reporters he had a concession speech as well as victory remarks prepared. He congratulated Romney on a spirited campaign. “I know his supporters are just as engaged, just as enthusiastic and working just as hard today” as Obama's own, he added.
Romney, who grew wealthy in business and ran the 2002 Olympic Games in Salt Lake City before entering politics, spoke only briefly to supporters, some of whom wept.
"I so wish that I had been able to fulfill your hopes to lead the country in a different direction," he said. "But the nation chose another leader and so Ann and I join with you to earnestly pray for him and for this great nation."
OBAMA VICTORY SPEECH: 'THE BEST IS YET TO COME'
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OBAMA VICTORY SPEECH: 'THE BEST IS YET TO COME'
