Obama Victory Speech Video - 2012 Presidential Election: Re-election Address Met by Jubilant Crowd

GOP presidential nominee Mitt Romney conceded at 12:55 a.m. to President Obama.

"I have just called President Obama to congratulate him on his victory," Romney told his supporters at his Boston headquarters. "His supporters and his campaign also deserve congratulations.I wish all of them well, but particularly the president, the first lady and their daughters.

Romney encouraged leaders to reach across the aisle to do the people's work.

"The nation is at a critical point," Romney said. "At a time like this, we can't risk partisan bickering and political posturing."

Romney also encouraged Americans to "rise to the occasion."

"I so wish -- I so wish that I had been able to fulfill your hopes to lead the country in a different direction, but the nation chose another leader," Romney said. "And so Ann and I join with you to earnestly pray for him and for this great nation."

Shortly after Romney's concession, Obama took to the stage to thank the American people for giving him another four years at his Washington address.

The president said that he is looking forward to sitting down with Romney and leaders of both parties to "meet the challenges we can only solve together: reducing our deficit; reforming our tax code; fixing our immigration system; freeing ourselves from foreign oil."

Obama told nation that "the best is yet to come."

"Our economy is recovering," Obama said. "A decade of war is ending. A long campaign is now over. And whether I earned your vote or not, I have listened to you. I have learned from you. And you've made me a better President. With your stories and your struggles, I return to the White House more determined and more inspired than ever about the work there is to do, and the future that lies ahead."

Obama said he called Romney to congratulate him "on a hard-fought campaign."

"We may have battled fiercely, but it's only because we love this country deeply, and we care so strongly about its future," Obama said. "From George to Lenore to their son Mitt, the Romney family has chosen to give back to America through public service, and that is a legacy that we honor and applaud tonight."

Obama said he believes "we can seize this future together -- because we are not as divided as our politics suggest."
"We're not as cynical as the pundits believe; we are greater than the sum of our individual ambitions; and we remain more than a collection of red states and blue states," the president sad. "We are, and forever will be, the United States of America. And together, with your help, and God's grace, we will continue our journey forward, and remind the world just why it is that we live in the greatest nation on Earth."