President Barack Obama Wins Re-Election

The President gets a second term after the costliest race in history comes down to Ohio.
3:00 | 11/07/12

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Transcript for President Barack Obama Wins Re-Election
Another four years for president Barack Obama as a night of hard won battleground state -- propelled him to victory. Over Mitt Romney all the votes have not yet been counted but as of right now the president has 303 electoral votes. Well over the 270 votes required to win. Mitt Romney has 206. -- popular vote of thinner margin Barack Obama -- just over 55 million Mitt Romney. With just about a million fewer votes. Well tonight thousands of Obama supporters poured into the streets of Washington DC to celebrate outside the White House. In Times Square just outside -- -- election headquarters thousands more cheering. And waving signs. But right now in Chicago my co anchor Terry Moran reports from the biggest celebration of them all -- President Obama and his campaign on a night of jubilation. -- -- what -- night it was here Cynthia they're cleaning up behind me now. But Chicago is going to be rocking all night there's no question about it because victory. Is sweet for President Obama and his supporters may be sweeter this time that it was the last time. Last time he soared into office and on the wings of optimism -- a moment of history this time. And today this new American electorate that we -- crystallized. Tonight more diverse. Younger. A new 21 century American elected they did the work they swept him into office the last time he kind of led to hit led them into power but there's no question he realizes who did the hard work tonight in his six in his victory speech. He made a point. Saying how grateful he was to them for all their hard work here's what he said. Thank you for believing them all the way. Am. The whole -- It was a tough campaign and it was tough personally at times as well you got the sense. That these were two guys who didn't entirely like each -- -- President Obama at times after he got it's clock cleaned in that. First debate sitting next to Mitt Romney in that in the third debate it was almost a look of disdain. On his face but tonight. He realizes that he's just not the president of the people who party in here. He's got to be the president up all the country and reach out. To the man he vanquished Mitt Romney in a gesture. That will be very interesting to see how it actually plays out. The president tonight in his victory speech invited Mitt Romney to sit down for a conversation about what they can do together. For the country that they battled over for so long here's what he had to say. I just spoke -- governor Romney and I congratulated him -- Paul Ryan on a hard fought campaign. A. -- But it's only because we love this country deeply. We care so strongly about its future. In the weeks and I also look forward to sitting down -- -- Iran to talk about where we can work together to move this country forward. Well we know it won't be beer summit but it will it will be interesting to see what those two men. Can do to bind up the nation's wounds after what was a bitter hard fought campaign and one that has all the exit polls are showing. Reflects deep divisions in this country along lines that are more than about ideas but about who we are as -- said. An American electorate that crystallize tonight behind Mitt Romney. Mitt Romney. Drawing most of his voice votes from white America. So how does President Obama square that circle well tonight he went back. To some of the very same language that inspired so many in the country in 2008 quoted himself. Once again reaching for that. Those tones of hope. And aspiration. In his victory speech tonight listen to what he had to say and see if it -- any -- -- believe. The sound of Omar. Okay. Obama order once again but what about Obama the chief executive what you gonna do. What is the policy for the next four years and he did touch on that he talked about the work that needs to be done. Laying out in very broad strokes the kind of agenda he foresees pursuing. With the Republican House of Representatives in Washington. You elected us to focus. On your job's not. In the coming weeks and months. I am looking forward to reaching out and working with leaders of both parties to meet the -- -- we can only solve together. Reducing our deficit. Reforming our tax code fixing our immigration system where -- -- from corn oil. -- -- -- joined now by chief White House correspondent Jake Tapper. Jake this is a sweet victory no question about it what -- he warned that what do you think he's now got. The mandate -- the power to do going. -- I can tell you what he hopes. He hopes in his words. That the Republican fever will break the determination to defeat him the determination to obstruct what he wants to do in his view. And he's hoping that because he won. They no longer have an Obama second term to prevent -- can work with them on immigration reform. On tax reform. Those -- some of the issues that they've talked about before tonight in the president mentioned this evening and good luck on that. And let me ask that every election tells us something about ourselves as a country what do you think we learned to. That it -- nation is changing and perhaps in some ways the Republican Party has not yet. Figure doubts that those demographic changes are taking place and I think politically that's one thing and then and then more broadly. That we still -- very divided nation and we are retreating into our own corners. Even more. Foresee yes somebody reports on this every day compromise happening that bipartisanship. That the country yearns. I think at this point is. There has to be compromise in the coming weeks as you know because of the fiscal cliff that everyone's -- front. All right Jake Tapper thanks very much we can get Good Morning America as well gonna get and it's no arrests for that we are it.

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

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