President Barack Obama says the American people have "picked ourselves up" and fought back during tough economic times, declaring after winning re-election that the "best is yet to come."
Obama says he wants to meet with Republican rival Mitt Romney to discuss how they can work together. He says they may have "battled fiercely, but it's only because we love this country deeply."
The president rolled to a second term over Romney, winning more than 300 electoral votes.
Obama was welcomed by thunderous applause as he arrived on stage in his hometown, joined by first lady Michelle Obama and daughters Sasha and Malia.
Romney said earlier he called Obama to congratulate him on his victory, adding that he prays "the president will be successful in guiding our nation."
Obama said he wants to meet with Romeny to discuss how to work together.
Earlier, Romney says he has called President Barack Obama to congratulate him on his victory. Romney said, "This election is over, but our principles endure."
The Republican former governor made the comment before supporters in Boston near midnight.
Obama won re-election Tuesday night despite a fierce challenge from Republican Mitt Romney, prevailing in the face of a weak economy and high unemployment that encumbered his first term and crimped the middle class dreams of millions, the Associated Press reported."This happened because of you. Thank you" Obama tweeted to supporters as he secured four more years in the White House.
The president sealed his victory in Ohio, Iowa, New Hampshire and Colorado, four of the nine battleground states where the two rivals and their allies spent nearly $1 billion on dueling television commercials.
Ultimately, the result of the brawl of an election campaign appeared likely to be the political status quo. Democrats won two more years of control of the Senate, and Republicans were on track to do likewise in the House.
Romney was in Massachusetts, his long and grueling bid for the presidency at an unsuccessful end.
The two rivals were close in the popular vote.
Romney had 45.2 million votes, or 49 percent. Obama had 45 million, also 49 percent, with 65 percent of precincts tallied.
But Obama's laser-like focus on battleground states gave him the majority in the electoral vote, where it mattered most. He had 284, or 14 more than needed for victory. Romney had 200.
Yet to be settled were battlegrounds in Florida, Virginia and Nevada.
The election emerged as a choice between two very different visions of government — whether it occupies a major, front-row place in American lives or is in the background as a less-obtrusive facilitator for private enterprise and entrepreneurship.
The economy was rated the top issue by about 60 percent of voters surveyed as they left their polling places. But more said former President George W. Bush bore responsibility for current circumstances than Obama did after nearly four years in office.
About 4 in 10 said the economy is on the mend, but more than that said it was stagnant or getting worse more than four years after the near-collapse of 2008. The survey was conducted for The Associated Press and a group of television networks.
Democrats got off to a quick start in their bid to renew their Senate majority, capturing seats in Indiana and Massachusetts now in Republican hands.
In Maine, independent former Gov. Angus King was elected to succeed retiring GOP Sen. Olympia Snowe. He has not yet said which party he will side with, but Republicans attacked him in television advertising during the race, and Democrats rushed to his cause.
Polls were still open in much of the country as the two rivals began claiming the spoils of a brawl of an election in a year in which the struggling economy put a crimp in the middle class dreams of millions.
Obama victory speech: 'The best is yet to come'
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Obama victory speech: 'The best is yet to come'
