Governor Mitt Romney Concedes Race to Obama

Republican presidential candidate "offers his prayers" to Obama in leading the country.
3:00 | 11/07/12

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Transcript for Governor Mitt Romney Concedes Race to Obama
Just before midnight president Barack Obama sent this -- week. Another four years along with this photograph of himself with the First Lady. An hour later governor Mitt Romney called the president and conceded defeat. My co anchor Bill Weir has been winning the Romney campaign into these final two days and he comes to us now. From Boston where supporters gathered earlier to hear a brief but gracious speech. From mr. Romney bill. It was gracious in fact Mitt -- dot com. Also live stream the president's victory speech a classy move here tonight but it's really Shakespearean. When you look at the family that was on the stage here behind me when you consider that. Mitt Romney's father ran for president lost his mother ran for senate lost he spent the better part of his sixties focus on this night and after countless handshakes. And countless donor calls an airline miles and campaign stops. I guess it's not surprising that the -- saw. Perhaps the shortest speech of his political career and definitely the most painful and -- for. All the people in this room so many people will -- on the distance for him given the heart and souls. A lot of mining into a win tonight well they left completely shattered after a night of well frankly Yo-Yo and emotions. After all the money spent all those tight polls the victory party crowd in Boston gathered with the kind of electric elation you find going into a championship flight. But state by state blow by blow -- they watched their worst nightmare unfold. President Obama with a lead in Ohio holding onto a small lead in Florida on the big screens in the hall Fox News called Ohio for Obama. Fox News can now project that President Obama will win -- crucial battleground state of Ohio and the crushing disappointment began to spread. But then. Former George W. Bush advisor Karl Rove raised the possibility that his network was role. That Ohio was still in play do you believe that Ohio is -- -- No I don't we got a quarter the vote. And as a result in -- -- at least three. Cheers turned to cheers. But the emotional roller coaster ride and made things worse. Once the Massa after an hourlong -- come Lum conceded. And I pray that the president will be successful. In guiding our nation. Visiting hours at a critical point. At a time like this we can't risk partisan bickering and political posturing from his diehard supporters the biggest cheers came from who's running mates. Besides my wife and Paul's best choice I've -- Okay. Ovation from this sentence I believe in America. I believe in the people of America. Okay. There were -- few shouts of run again. But after watching his father's unsuccessful run and going through his own seven year to -- inquest -- this is likely the last six. For Mitt -- In the campaign -- -- -- tonight a lot of mourning and wound licking its to be expected but then perhaps starting tomorrow a lot of soul searching. Among the leadership of the a Republican Party the future of this party some will argue. That their candidate that lost your tonight was not conservative enough that it is. At his core he was a Massachusetts. Technocrats to who shifted some of his social positions in order to get them. Nomination. Those in the Tea Party would argue they need a more pure conservative the kind that help sweep the house two years ago but then actually. Back fire tonight if you look at the senate races in the seats that they lost as well. And another man on stage with Mitt Romney tonight and his family all those grandkids. Paul Ryan he will be a real litmus test if he is relevant for years from tonight. We'll see how that ideological fight has gone so Cynthia the names like Jeb Bush and Marco Rubio. And many others will be kicked around tonight. But mostly this evening the supporters here just left very sad. Our thanks to you bill and of course governor Rami should be expecting a call from the White House apparently. Thanks so much.

This transcript has been automatically generated and may not be 100% accurate.

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