ANALYSIS: A Second Chance For Obama

PHOTO: President Barack Obama and wife Michelle is holds hands with Vice President Joe Biden and his wife Jill following Obamas victory speech to supporters in Chicago, Nov. 7 2012.
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ABC's AMY WALTER: With election losses come soul searching. Republicans have to learn to accept the new demographic reality, one in which they can no longer ignore or antagonize the fast-growing and politically potent Latino population. Priority number one for Republicans next year should be to build a bipartisan deal on immigration reform that will put the GOP on the right side of this demographic divide. Paging Marco Rubio.

ABC's MICHAEL FALCONE: President Obama had it right when he reportedly congratulated Mitt Romney last night on a "well-fought" campaign. From the moment he jumped into the presidential race at a New Hampshire farm in June 2011, he seemed to be destined to be this year's Republican standard-bearer.

But it wasn't easy: He first had to fend of challenges from a slew of insurgents within his own party with names like Gingrich, Perry and Santorum. After dispatching them, months of general election combat with the president followed. Romney started behind, but made up ground on questions of trust to handle the economy, empathy and enthusiasm. But it wasn't until late in the game -- too late, as we learned last night -- that GOP voters started to come around to Romney for who he was rather than who he wasn't.

ABC's RICK KLEIN: Demography and strategy converged in near-perfect fashion for President Obama, the Democratic Party's reliable base uniting with a new face of America -- helped along by an avalanche of well-timed attacks. That magic formula allowed a president with significant weaknesses to power past them, while shattering the Republican way of winning elections, probably for a long time. It's a toolbox, though, that isn't available to Obama again -- it wins races, but it doesn't help in governing, at least not yet. That's where the president can display what he spoke of as he started his next four years -- that he has learned, that he can govern in a way that begins to deliver on his promise.

Get more pure politics at ABCNews.com/Politics and a lighter take on the news at OTUSNews.com

ABC's MATTHEW DOWD: "The race for 2016 starts the day after election day. Both parties are going to be searching for their new leaders. A huge question for Democrats is, 'What does Hillary Clinton do?' Based on that decision, the race could go many ways. Besides Clinton, Maryland Gov. Martin O'Malley, who is a popular but unknown figure in the party, is considering. Joe Biden, who seems to be intimating he will run, is on the shortlist, but the question becomes whether that is too status quo.

Antonio Villaraigosa, the mayor of Los Angeles, is on the list, and has tremendous support in the Latino community. Sen. Kirsten Gillibrand of New York would be a formidable figure if Clinton doesn't run. She is popular in a big state and a woman candidate is important, because 60 percent of Democratic primary voters are female. New York Gov. Andrew Cuomo has been rumored to want to run and comes from a key state with access to party faithful and money. There's also the chance of an unknown candidate who may emerge in the aftermath of this year's election."

"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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