Obama overcomes concerns on economy to win second term

Congress still divided

  • 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)
  • Supporters cheer at the end of President Barack Obama remarks during an election night party, early Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Matt Rourke)Supporters cheer at the end of President Barack Obama remarks during an election night party, early Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Matt Rourke)
  • President Barack Obama supporters celebrate with champagne outside of the White House in Washington following his re-election early Wednesday, Nov. 7, 2012.  (AP Photo/Jose Luis Magana)President Barack Obama supporters celebrate with champagne outside of the White House in Washington following his re-election early Wednesday, Nov. 7, 2012. (AP Photo/Jose Luis Magana)
  • President Barack Obama , joined by  his wife Michelle, Vice President Joe Biden and his spouse  Jill acknowledge applause  after Obama delivered his victory speech to supporters gathered in Chicago early Wednesday Nov. 7 2012. (AP Photo/Jerome Delay)President Barack Obama , joined by his wife Michelle, Vice President Joe Biden and his spouse Jill acknowledge applause after Obama delivered his victory speech to supporters gathered in Chicago early Wednesday Nov. 7 2012. (AP Photo/Jerome Delay)
  • Republican presidential candidate Mitt Romney embraces his running mate Paul Ryan as Romney's wife, Ann, and Ryan's wife, Janna, embrace Nov. 7, 2012, after Romney conceded the race during his election night rally in Boston. (Associated Press)Republican presidential candidate Mitt Romney embraces his running mate Paul Ryan as Romney's wife, Ann, and Ryan's wife, Janna, embrace Nov. 7, 2012, after Romney conceded the race during his election night rally in Boston. (Associated Press)
  • President Barack Obama smiles after delivering his victory speech to supporters gathered in Chicago early Wednesday Nov. 7 2012. (AP Photo/Jerome Delay)President Barack Obama smiles after delivering his victory speech to supporters gathered in Chicago early Wednesday Nov. 7 2012. (AP Photo/Jerome Delay)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney walks off stage with his wife Ann Romney after he arrives gave his concession speech at his election night rally in Boston, Wednesday, Nov. 7, 2012. (AP Photo/Charles Dharapak)Republican presidential candidate and former Massachusetts Gov. Mitt Romney walks off stage with his wife Ann Romney after he arrives gave his concession speech at his election night rally in Boston, Wednesday, Nov. 7, 2012. (AP Photo/Charles Dharapak)
  • 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, 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, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney.(AP Photo/Carolyn Kaster)
  • Standing with their families, Republican presidential candidate and former Massachusetts Gov. Mitt Romney stands with his wife Ann, and Republican vice presidential candidate Rep. Paul Ryan, R-Wis., second right, stands with his wife Janna after Romney's concession speech at his election night rally in Boston, Wednesday, Nov. 7, 2012. (AP Photo/Charles Dharapak)Standing with their families, Republican presidential candidate and former Massachusetts Gov. Mitt Romney stands with his wife Ann, and Republican vice presidential candidate Rep. Paul Ryan, R-Wis., second right, stands with his wife Janna after Romney's concession speech at his election night rally in Boston, Wednesday, Nov. 7, 2012. (AP Photo/Charles Dharapak)
  • Volunteer Tyller Williamson, right, hugs Barbara Koh, Organizing for America California San Francisco department office manager, after projected returns of the presidential race were announced at the OFACSF Obama campaign volunteer office in San Francisco, Tuesday, Nov. 6, 2012. (AP Photo/Jeff Chiu)Volunteer Tyller Williamson, right, hugs Barbara Koh, Organizing for America California San Francisco department office manager, after projected returns of the presidential race were announced at the OFACSF Obama campaign volunteer office in San Francisco, Tuesday, Nov. 6, 2012. (AP Photo/Jeff Chiu)
  • President Barack Obama, first lady Michelle Obama, Vice President Joe Biden and Jill Biden wave at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson) President Barack Obama, first lady Michelle Obama, Vice President Joe Biden and Jill Biden wave at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)
  • Confetti covers the stage after President Barack Obama speaks at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo) Confetti covers the stage after President Barack Obama speaks at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo)
  • Jon " Captain America" Angell salutes as Republican Presidential candidate Mitt Romney concedes the election to Democratic Presidential candidate Barack Obama at the Minnesota Republican election headquarters, Tuesday, Nov. 6, 2012, in Bloomington, Minn. (AP Photo/Tom Olmscheid)Jon " Captain America" Angell salutes as Republican Presidential candidate Mitt Romney concedes the election to Democratic Presidential candidate Barack Obama at the Minnesota Republican election headquarters, Tuesday, Nov. 6, 2012, in Bloomington, Minn. (AP Photo/Tom Olmscheid)
  • President Barack Obama and wife Michelle is holds hands with Vice President Joe Biden and his wife Jill following Obama's victory speech to supporters in Chicago early Wednesday, Nov. 7 2012. (AP Photo/Jerome Delay)President Barack Obama and wife Michelle is holds hands with Vice President Joe Biden and his wife Jill following Obama's victory speech to supporters in Chicago early Wednesday, Nov. 7 2012. (AP Photo/Jerome Delay)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney walks away from the podium after conceding the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Stephan Savoia, Pool)Republican presidential candidate and former Massachusetts Gov. Mitt Romney walks away from the podium after conceding the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Stephan Savoia, Pool)
  • Republican presidential candidate Mitt Romney gives a thumbs up as he arrives to give his concession speech during his election night rally in Boston on Nov. 7, 2012. (Associated Press)Republican presidential candidate Mitt Romney gives a thumbs up as he arrives to give his concession speech during his election night rally in Boston on Nov. 7, 2012. (Associated Press)
  • President Barack Obama, accompanied by first last Michelle Obama and daughters Malia and Sasha arrive at the election night party Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)President Barack Obama, accompanied by first last Michelle Obama and daughters Malia and Sasha arrive at the election night party Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney and his wife Ann, left, and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., and his wife Janna, right, are joined by their families on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Elise Amendola)Republican presidential candidate and former Massachusetts Gov. Mitt Romney and his wife Ann, left, and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., and his wife Janna, right, are joined by their families on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Elise Amendola)
  • 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/Chris Carlson) 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/Chris Carlson)
  • Republican presidential candidate former Massachusetts Gov. Mitt Romney arrives to speak at his campaign election night event at the Boston Convention & Exhibition Center Wednesday, Nov. 7, 2012, in Boston, after being defeated by President Barack Obama. (AP Photo/Rick Wilking, Pool)Republican presidential candidate former Massachusetts Gov. Mitt Romney arrives to speak at his campaign election night event at the Boston Convention & Exhibition Center Wednesday, Nov. 7, 2012, in Boston, after being defeated by President Barack Obama. (AP Photo/Rick Wilking, Pool)
  • President Barack Obama smiles at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson) President Barack Obama smiles at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)
  • 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)
  • Supporters cheer as President Barack Obama speaks during an election night party, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney.  (AP Photo/Matt Rourke)Supporters cheer as President Barack Obama speaks during an election night party, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Matt Rourke)
  • President Barack Obama hugs his family at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Charles Rex Arbogast) President Barack Obama hugs his family at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Charles Rex Arbogast)
  • President Barack Obama kisses his wife Michelle as he walks out to the stage at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Pablo Martinez Monsivais) President Barack Obama kisses his wife Michelle as he walks out to the stage at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Pablo Martinez Monsivais)
  • A supporter cries as President Barack Obama speaks during an election night party, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney.  (AP Photo/Matt Rourke)A supporter cries as President Barack Obama speaks during an election night party, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Matt Rourke)
  • President Obama smiles during his speech at his election night party on Nov. 7, 2012, in Chicago. The president defeated Republican challenger Mitt Romney. (Associated Press)President Obama smiles during his speech at his election night party on Nov. 7, 2012, in Chicago. The president defeated Republican challenger Mitt Romney. (Associated Press)
  • A supporter cries as President Barack Obama speaks during an election night party, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Matt Rourke)A supporter cries as President Barack Obama speaks during an election night party, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Matt Rourke)
  • President Barack Obama smiles during his speech at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Charles Rex Arbogast) President Barack Obama smiles during his speech at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Charles Rex Arbogast)
  • President Barack Obama walks out of the stage with his wife Michelle and daughters Sasha and Malia at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney.  (AP Photo/M. Spencer Green) President Barack Obama walks out of the stage with his wife Michelle and daughters Sasha and Malia at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/M. Spencer Green)
  • President Barack Obama speaks at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)President Barack Obama speaks at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)
  • President Barack Obama hugs his wife Michelle and daughter Sasha as daughter Malia, left, looks on before speaking at his election night party, Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney.  (AP Photo/Jerome Delay)President Barack Obama hugs his wife Michelle and daughter Sasha as daughter Malia, left, looks on before speaking at his election night party, Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Jerome Delay)
  • President Barack Obama speaks at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/M. Spencer Green)President Barack Obama speaks at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/M. Spencer Green)
  • President Barack Obama acknowledges the crowd at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/M. Spencer Green) President Barack Obama acknowledges the crowd at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/M. Spencer Green)
  • President Barack Obama waves as he walks on stage with first lady Michelle Obama and daughters Malia and Sasha at his election night party Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)President Barack Obama waves as he walks on stage with first lady Michelle Obama and daughters Malia and Sasha at his election night party Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)
  • President Barack Obama waves as he walks on stage with first lady Michelle Obama and daughters Malia and Sasha at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)President Barack Obama waves as he walks on stage with first lady Michelle Obama and daughters Malia and Sasha at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)
  • President Barack Obama waves as he walks on stage with first lady Michelle Obama and daughters Malia and Sasha at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson) President Barack Obama waves as he walks on stage with first lady Michelle Obama and daughters Malia and Sasha at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney and his wife Ann, left, and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., and his wife Janna, right, are joined by their families on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/David Goldman)Republican presidential candidate and former Massachusetts Gov. Mitt Romney and his wife Ann, left, and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., and his wife Janna, right, are joined by their families on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/David Goldman)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney and his wife Ann, center, are joined by their sons and their wives on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Elise Amendola)Republican presidential candidate and former Massachusetts Gov. Mitt Romney and his wife Ann, center, are joined by their sons and their wives on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Elise Amendola)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney, left, wife Ann Romney, center, and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., stand on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Stephan Savoia)Republican presidential candidate and former Massachusetts Gov. Mitt Romney, left, wife Ann Romney, center, and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., stand on stage after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Stephan Savoia)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney arrives to give his concession speech at his election night rally in Boston, Wednesday, Nov. 7, 2012. (AP Photo/Charles Dharapak)Republican presidential candidate and former Massachusetts Gov. Mitt Romney arrives to give his concession speech at his election night rally in Boston, Wednesday, Nov. 7, 2012. (AP Photo/Charles Dharapak)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney speaks during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Mary Altaffer)Republican presidential candidate and former Massachusetts Gov. Mitt Romney speaks during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/Mary Altaffer)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney waves to supporters during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/David Goldman)Republican presidential candidate and former Massachusetts Gov. Mitt Romney waves to supporters during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/David Goldman)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney,   his wife Ann Romney, left and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., and his wife Janna wave to supporters on stage during Romney's election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/David Goldman)Republican presidential candidate and former Massachusetts Gov. Mitt Romney, his wife Ann Romney, left and Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., and his wife Janna wave to supporters on stage during Romney's election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/David Goldman)
  • Megan Snedden, 26, of California, waves the American flag in Times Square to celebrate media outlets predicting President Barack Obama's reelection, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and former Massachusetts Governor Mitt Romney. (AP Photo/ John Minchillo)Megan Snedden, 26, of California, waves the American flag in Times Square to celebrate media outlets predicting President Barack Obama's reelection, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and former Massachusetts Governor Mitt Romney. (AP Photo/ John Minchillo)
  • Kelly Rodgers, 18, of Philadelphia, holds a sign saying "We Will Barack You" as people celebrate outside of the White House after President Barack Obama won re-election against Mitt Romney in the presidential election on Pennsylvania Avenue in Washington, Wednesday, Nov. 7, 2012. (AP Photo/Jacquelyn Martin)Kelly Rodgers, 18, of Philadelphia, holds a sign saying "We Will Barack You" as people celebrate outside of the White House after President Barack Obama won re-election against Mitt Romney in the presidential election on Pennsylvania Avenue in Washington, Wednesday, Nov. 7, 2012. (AP Photo/Jacquelyn Martin)
  • People celebrate outside of White House on Pennsylvania Avenue after President Barack Obama won re-election against Mitt Romney in the presidential election in Washington, Wednesday, Nov. 7, 2012. (AP Photo/Jacquelyn Martin)People celebrate outside of White House on Pennsylvania Avenue after President Barack Obama won re-election against Mitt Romney in the presidential election in Washington, Wednesday, Nov. 7, 2012. (AP Photo/Jacquelyn Martin)
  •  Dennis Eugene Hatton reacts while watching televised reports on the presidential election at an Obama watch party in Fort Myers, Fla., Tuesday, Nov. 6, 2012. (AP Photo/J Pat Carter)Dennis Eugene Hatton reacts while watching televised reports on the presidential election at an Obama watch party in Fort Myers, Fla., Tuesday, Nov. 6, 2012. (AP Photo/J Pat Carter)
  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney embraces Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., as  Ann Romney and Janna Ryan embrace after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston.(AP Photo/David Goldman)Republican presidential candidate and former Massachusetts Gov. Mitt Romney embraces Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., as Ann Romney and Janna Ryan embrace after Romney conceded the race during his election night rally, Wednesday, Nov. 7, 2012, in Boston.(AP Photo/David Goldman)
  • Supporters of President Barack Obama, including Tankia Inlaw, center, and Heather Alexa Woodfield, left, celebrate at New York State Democratic Headquarters following Election Day, Tuesday, Nov. 6, 2012. (AP Photo/Kathy Willens)Supporters of President Barack Obama, including Tankia Inlaw, center, and Heather Alexa Woodfield, left, celebrate at New York State Democratic Headquarters following Election Day, Tuesday, Nov. 6, 2012. (AP Photo/Kathy Willens)
  • A supporter reacts to voting results displayed on a television screen during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/David Goldman)A supporter reacts to voting results displayed on a television screen during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/David Goldman)
  • A supporter cheers at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Chris Carlson) A supporter cheers at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Chris Carlson)
  • Mitt Romney supporter and campaign volunteer Lynn Short, right, and a supporter who wished not to be identified, react as they watch presidential election returns at a GOP watch party, Tuesday, Nov. 6, 2012, in Las Vegas. (AP Photo/Julie Jacobson) Mitt Romney supporter and campaign volunteer Lynn Short, right, and a supporter who wished not to be identified, react as they watch presidential election returns at a GOP watch party, Tuesday, Nov. 6, 2012, in Las Vegas. (AP Photo/Julie Jacobson)
  • President Barack Obama supporters react to returns during a rally at M&T Bank Stadium in Baltimore on Tuesday, Nov. 6, 2012.  (AP Photo/Jose Luis Magana)President Barack Obama supporters react to returns during a rally at M&T Bank Stadium in Baltimore on Tuesday, Nov. 6, 2012. (AP Photo/Jose Luis Magana)
  • Supporters of President Barack Obama react to favorable media projections at the McCormick Place during an election night watch party in Chicago on Tuesday, Nov. 6, 2012. (AP Photo/Jerome Delay)Supporters of President Barack Obama react to favorable media projections at the McCormick Place during an election night watch party in Chicago on Tuesday, Nov. 6, 2012. (AP Photo/Jerome Delay)
  • Supporters of President Barack Obama react to favorable media projections at the McCormick Place during an election night watch party in Chicago on Tuesday, Nov. 6, 2012. (AP Photo/Jerome Delay)Supporters of President Barack Obama react to favorable media projections at the McCormick Place during an election night watch party in Chicago on Tuesday, Nov. 6, 2012. (AP Photo/Jerome Delay)
  • Anita Flanigan, left, and Renee Drake react after President Obama reaches the 270 Electoral College votes during the Michigan Democratic election night party at the MGM Grand Detroit, following Election Day, early Wednesday, Nov. 7, 2012. (AP Photo/Carlos Osorio)Anita Flanigan, left, and Renee Drake react after President Obama reaches the 270 Electoral College votes during the Michigan Democratic election night party at the MGM Grand Detroit, following Election Day, early Wednesday, Nov. 7, 2012. (AP Photo/Carlos Osorio)
  • Supporters wait for returns during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/Elise Amendola)Supporters wait for returns during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/Elise Amendola)
  • Supporters of Republican presidential candidate and former Massachusetts Gov. Mitt Romney react while watching results on a video screen during his election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/Mary Altaffer)Supporters of Republican presidential candidate and former Massachusetts Gov. Mitt Romney react while watching results on a video screen during his election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/Mary Altaffer)
  • A supporter cheers at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Chris Carlson) A supporter cheers at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Chris Carlson)
  • Sixteen-year-old Aly Hansen, from Amherst, N.H. watches vote results displayed on a television screen during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/David Goldman)Sixteen-year-old Aly Hansen, from Amherst, N.H. watches vote results displayed on a television screen during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/David Goldman)
  • Former Democratic state Rep. Joyce Beatty, left, celebrates with Rev. Jesse Jackson at the Ohio Democratic party election night celebration  Tuesday, Nov. 6, 2012, in Columbus, Ohio. Beatty was elected in the newly drawn 3rd Congressional District. (AP Photo/Tony Dejak)Former Democratic state Rep. Joyce Beatty, left, celebrates with Rev. Jesse Jackson at the Ohio Democratic party election night celebration Tuesday, Nov. 6, 2012, in Columbus, Ohio. Beatty was elected in the newly drawn 3rd Congressional District. (AP Photo/Tony Dejak)
  • Cean Orrett, 45, center, and Gareth Edmondson-Jones, 46, of San Diago, both recently married in New York, react to positive predictions for President Barack Obama as crowds watch election results in Times Square, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/ John Minchillo)Cean Orrett, 45, center, and Gareth Edmondson-Jones, 46, of San Diago, both recently married in New York, react to positive predictions for President Barack Obama as crowds watch election results in Times Square, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/ John Minchillo)
  • A supporter watches the election results at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Charles Rex Arbogast) A supporter watches the election results at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Charles Rex Arbogast)
  • Supporters watch the election results on a big screen television at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Charles Rex Arbogast) Supporters watch the election results on a big screen television at the election night party for President Barack Obama Tuesday, Nov. 6, 2012, in Chicago. (AP Photo/Charles Rex Arbogast)
  • A supporter of President Barack Obama reacts to positive predictions for her candidate as crowds watch election results in Times Square, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/ John Minchillo)A supporter of President Barack Obama reacts to positive predictions for her candidate as crowds watch election results in Times Square, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/ John Minchillo)
  • A spectator reacts to a change in the Florida early projections sen on a television during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/David Goldman)A spectator reacts to a change in the Florida early projections sen on a television during Republican presidential candidate and former Massachusetts Gov. Mitt Romney's election night rally, Tuesday, Nov. 6, 2012, in Boston. (AP Photo/David Goldman)
  • People watch early election results displayed on a utility lift suspended from the front of the GE Building at Rockefeller Center New York, Tuesday, Nov. 6, 2012. (AP Photo/Craig Ruttle)People watch early election results displayed on a utility lift suspended from the front of the GE Building at Rockefeller Center New York, Tuesday, Nov. 6, 2012. (AP Photo/Craig Ruttle)
  • People watch election results displayed on a utility lift suspended from the front of the GE Building at Rockefeller Center, in New York, Tuesday, Nov. 6, 2012. From center left are Bryan Fletcher of Park City, Utah; Jen Hudak, Salt Lake City; Lindsay Arnold, Park City; K.C. Oakley, Park City, and Emily Cook, Park City. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/Craig Ruttle)People watch election results displayed on a utility lift suspended from the front of the GE Building at Rockefeller Center, in New York, Tuesday, Nov. 6, 2012. From center left are Bryan Fletcher of Park City, Utah; Jen Hudak, Salt Lake City; Lindsay Arnold, Park City; K.C. Oakley, Park City, and Emily Cook, Park City. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/Craig Ruttle)
  • Martha Nunez, 53, of the Bronx, reacts to positive predictions for President Barack Obama as crowds watch election results in Times Square, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/ John Minchillo)Martha Nunez, 53, of the Bronx, reacts to positive predictions for President Barack Obama as crowds watch election results in Times Square, Tuesday, Nov. 6, 2012, in New York. After a year of campaigning, polls have begun to close after Americans across the United States headed to the polls to decide the winner of the tight presidential race between President Barack Obama and Republican presidential candidate, former Massachusetts Gov. Mitt Romney. (AP Photo/ John Minchillo)

President Obama won re-election to the White House on Tuesday night, holding together enough of his hope-and-change coalition to repeat his historic 2008 election and surviving a sluggish economy and a fractured electorate that desired a change but failed to find Republican presidential nominee Mitt Romney a credible alternative.

His renewed lease on the White House gives him a chance to see his health care law take full effect in 2014, another opportunity to push for the tax increases he declared to be part of his campaign mandate, and pressure to deliver on his promise of immigration reform.

“Tonight in this election, you, the American people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up, we have fought our way back, and we know in our hearts that for the United States of America, the best is yet to come,” a ebullient president said at his victory rally in Chicago as the clock neared 2 a.m. on the East Coast.

Mr. Obama painted his re-election as the latest chapter in America’s 200-year-old quest “of perfecting our union” and vowed to turn his attention to trying to forge bipartisan compromises on immigration, energy and the deficit.

“Whether I earned your vote or not, I have listened to you, I have learned from you, and you made me a better president,” he said. “And with your stories and your struggles, I return to the White House more determined and more inspired than ever.”

He and Mr. Romney combined to spend about $2 billion in their fight for the White House, essentially killing the public campaign financing system. That figure doesn’t include the hundreds of millions spent by congressional candidates or outside groups.

The presidential race was called about 11:15 EST, just minutes after West Coast states closed their polls and after Ohio was called for Mr. Obama, eliminating Mr. Romney’s path to victory.

Still, Mr. Obama and Vice President Joseph R. Biden enter their second terms somewhat wounded. Mr. Obama becomes only the second president in history to win a second term with fewer Electoral College votes than his first win — meaning he returns to the White House with a limited mandate.

He also will be facing a divided Congress, where Republicans kept control of the House and Democrats maintained their majority in the Senate.

House Speaker John A. Boehner, Ohio Republican, said the split results meant voters backed the GOP’s vision.

“We offered solutions, and the American people want solutions, and tonight they responded by renewing our Republican House majority,” Mr. Boehner said at a victory party.

He also took aim at Mr. Obama’s claim that his re-election would clear the path for tax increases on the wealthy, with the speaker saying flatly “there’s no mandate for raising taxes.”

But with Democrats on the brink of not only holding the Senate but possibly expanding their majority, Mr. Boehner and his GOP troops remain isolated.

Senate Majority Leader Harry Reid, Nevada Democrat, urged the GOP to work with him.

“Now that the election is over, it’s time to put politics aside and work together to find solutions,” Mr. Reid said. “The strategy of obstruction, gridlock and delay was soundly rejected by the American people. Now, they are looking to us for solutions.”

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