ANALYSIS: A Second Chance For Obama

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"For the GOP, the journey ahead is more perilous. They will be going through civil war after this Romney loss: the very conservatives vs. the establishment; the cultural conservatives vs. the economic conservatives; the populists vs. old school. And there is no clear leader ahead. Jeb Bush, the former Florida governor, would be formidable with his name and money."

FOUR MORE YEARS OF PRESIDENT OBAMA. On "Good Morning America," ABC's political analysts looked at what lies ahead for the president as he returns to office. As Jonathan Karl points out, there is no time for a second-term honeymoon with the "fiscal cliff" looming at the end of the year.

ROMNEY CONCEDES. ABC's David Muir reports for "Good Morning America" that Romney's campaign aides were emotional after his loss, thinking right up until the end that their candidate could defeat President Obama. WATCH

INSIDE OBAMA'S WIN. ABC's Jake Tapper reports for "Good Morning America" on the president's long road to victory. WATCH

TRACKING THE HOUSE AND SENATE. ABC's Jonathan Karl reports that Democrats have held their majority in the Senate -- and that the new Congress may be even more deeply divided than the one we have now. The Senate is a story of missed opportunities for Republicans, with losses in Massachusetts, Indiana, and Missouri. WATCH Karl's "Good Morning America" report

FLORIDA: STILL TOO CLOSE TO CALL. Thankfully the free world isn't on the edge of its seat this time, but Florida's votes were once again too close to call the morning after Election Day. With ABC and other networks yet to project, ABC's Cecilia Vega reported on the razor-thin margin in Florida for "Good Morning America." WATCH

LATE-NIGHT COMIC RELIEF. Watch GMA's highlights of late-night television poking fun at the presidential race, as the results came in.

THE CANDIDATES:

ABC's Jake Tapper, Devin Dwyer, Mary Bruce and Arlette Saenz report from Chicago:

OBAMA VOWS TO FORGE CHANGE WHERE HE FAILED. The president struck a hopeful, optimistic note in his acceptance speech in Chicago. ABC's Devin Dwyer and Mary Bruce report: After four years of trying and, by his own admission, failing to change the nature of politics in Washington, President Obama tonight vowed in a second term to forge bipartisan compromise in a way a large majority of Americans desire. "When we go through tough times, when we make big decisions as a country, it necessarily stirs passions, stirs up controversy. That won't change after tonight. And it shouldn't," Obama said.

"But despite all our differences, most of us share certain hopes for America's future," he said. "By itself, the recognition that we have common hopes and dreams won't end all the gridlock, resolve all our problems or substitute for the painstaking work of building consensus and making the difficult compromises needed to move this country forward," he continued. "But that common bond is where we must begin."

OBAMA'S 2013 CABINET: WHAT TO EXPECT. Now that he's returning to the White House, President Obama will almost immediately move to shore up his team of top aides and Cabinet officials, -- some of whom, Devin Dwyer reports, had only signed on for the first four years. From Secretary of State Hillary Clinton to Attorney General Eric Holder, here's a list of possible replacements.

WATCH OBAMA'S VICTORY SPEECH. ABC News video from Chicago

ROMNEY: I PRAY FOR THE PRESIDENT. ABC's Russell Goldman reports on Mitt Romney's concession speech: "I so wish that I had been able to fulfill your hopes....but the nation chose another leader," Romney told heartbroken supporters at his Boston headquarters. "I pray the president will be successful in guiding our nation," Romney said before running mate Rep. Paul Ryan of Wisconsin and their families joined Romney on the podium.

WATCH ROMNEY'S CONCESSION SPEECH. ABC News video from Boston.

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