Obama wins four more years as America delivers decisive verdict Barack Obama was re-elected for a second term in the White House late on Tuesday night, securing another four years in which to try to fulfil the promise that greeted his election in 2008. After one of the most closely fought and polarised campaigns in recent history, Obama easily beat Mitt Romney by holding many of the key battleground states upon which his presidency had been founded. Obama reacted to his victory in a tweet: "Four more years." He told his supporters: "I want you to know that this wasn't fate, and it wasn't an accident. You made this happen. There were immediate scenes of jubilation in Obama's Chicago headquarters contrasting with the dejection among Romney officials and supports at their base in Boston. Shortly before 1am ET, Romney phoned the president to concede. In a gracious concession speech in Boston, Romney told his supporters: "This is a time for great challenges for America and I pray the president will be successful in guiding our nation" The Associated Press, along with the major television networks, called the election for Obama after declaring he had won the pivotal swing state of Ohio, a state Obama and Romney had visited more than any other. Obama was also projected the winner in Colorado, Nevada, Wisconsin, New Hampshire and Virginia. Although the popular vote was expected to be close, Obama's supporters will point to the breadth of his victory as a strong mandate for his second term. Despite spending hundreds of millions of dollars on a presidential run which began over a year ago, the only swing state Romney has managed to secure so far is North Carolina. Obama now has the chance to build a real legacy - his victory on healthcare reform - but also to preside over a possible US economic recovery. Obama has also promised to make immigration reform a priority along with major investment in education. But he faces immediate challenges, not least finding a way to avoid the so-called fiscal cliff of tax rises and automatic spending cuts which are due to kick in at the end of the year. As in his first term, he will have to deal with a hostile, Republican-led House of Representatives. Republican activists were stunned by suddenness with which victory was declared for Obama. At a so-called 'victory party' in Tampa, there was a stampede for the door when the announcement came. Among those who remained was Brad Evans. "I really don't know what happened," he said. He should have hit Obama a bit harder on Libya. Summer Turner simply refused to accept reality. I remember going to bed crying when they declared Al Gore the winner and I remember waking up and he was no longer the winner. So I don't believe it," she said. The campaign almost throughout has been a referendum on Obama. Although there was widespread disillusionment with the slow pace of economy recovery and a high unemployment level, Americans decided to stick with the incumbent. Historically, it would have been a disappointment for African-Americans and many white liberals if the first black presidency had ended in failure, halted prematurely. Romney fought a largely lacklustre campaign, with only one flash, his overwhelming win over Obama in the first presidential debate on October 3. The Republicans now face a lengthy period of bloodletting. While some right-wingers will argue the defeat is because Romney was not conservative enough, there is a new generation of younger Republicans such as Jeb Bush and Marco Rubio who will lead the argument for a new, inclusive coalition that will welcome women, Latinos and African Americans. Romney's running mate Paul Ryan, unlikely to be tarnished despite running on a losing ticket, is also likely to be part of the debate. The conservative commentator Charles Krauthammer, said he had always regarded Romney as being no more than "a transitional figure." Sarah Palin, the Republican vice-presidential challenger in 2008 and one of the undeclared leaders of the Tea Party movement, told Fox she could not believe "the majority of Americans would do this." She added: "It's a perplexing time for many of us right now." Romney secured at least one consolation prize when he took North Carolina, an unexpected win in the south by Obama in 2008. The rightwing commentator Erick Erickson saw the loss of Pennsylvania as crucial. "At this point, I am thinking game over," he tweeted. Turnout was reported to be at record levels in many states, reflecting the strength of feeling aroused by the long election campaign. There were still long queues of people waiting to vote after polls had officially closed. Early exit polls showed the economy was the dominant issue for voters, with four out of 10 saying the economy was getting better - more than in 2008. Forty-six percent said the country was headed in the right direction, while 52% said it was on the wrong track. More than half of those surveyed blamed the economic mess on George W Bush. Asked about what they regarded as the biggest economic issue, 40% said unemployment, 37% rising prices, 13% taxes and 8% the housing market. Eight out of 10 said they had made up their minds who to vote for in September, suggesting that neither Romney's victory in the first presidential debate nor Obama's widely-praised handling of Sandy proved to be major factors. Final estimates show the election was the most expensive in US history, with Obama having raised close to $1bn and Romney more than $800m. When figures for spending by supporters - mainly by the Super Pacs - are included, the total is well over $2bn.