Former Republican Presidential Candidate Mitt Romney conceded the election in the early hours of Wednesday morning from his headquarters in Boston.
He thanked his family and his running mate, Rep. Paul Ryan, saying "next to Ann, [he was] the best decision I ever made."
"Our people have to reach across the aisle to do the citizens' work," he said. "I believe in America, I believe in the people of America," he told the somber crowd, "and I ran for office because I am concerned about America."
"This election is over, but our principles endure."
The election was called for President Obama shortly after the polls closed on the West Coast, mirroring his 2008 victory path. Obama ultimately won at least 303 electoral votes, well over the 270 needed to win, with Florida still too close to call.
Unlike in 2008, however, the margin for the popular vote was razor thin, with President Obama winning by around 0.7% of the over all vote.