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 waves at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Nam Y. Huh)

President Barack Obama waves at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Nam Y. Huh)

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