Obama thanks supporters; Romney concedes

As President Obama wins a second term, his supporters get the party started, while Mitt Romney concedes defeat.

President Barack Obama with first last Michelle Obama, Vice President Joe Biden and Jill Biden celebrate on stage at the election night party at McCormick Place, early Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)

President Barack Obama with first last Michelle Obama, Vice President Joe Biden and Jill Biden celebrate on stage at the election night party at McCormick Place, early Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)

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