Obama Wins Election for 2nd Term, Says Best is Yet to Come

U.S. President Barack Obama said late Tuesday the American people have "picked ourselves up" and fought back during tough economic times, declaring after winning re-election that the "best is yet to come."

"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," Obama said at a triumphant victory party in Chicago.

"We know in our hearts that for the United States of America the best is yet to come," Obama said.

He said he wants to meet with Republican rival Mitt Romney to discuss how they can work together, adding they may have "battled fiercely, but it's only because we love this country deeply."

The president rolled to a second term over Romney, winning more than 300 electoral votes.

Obama was welcomed by thunderous applause as he arrived on stage in his hometown, joined by first lady Michelle Obama and daughters Sasha and Malia.

Romney said earlier he called Obama to congratulate him on his victory, adding that he prays "the president will be successful in guiding our nation."

Obama repaid the compliment in his speech, saying the Romney family "had chosen to give back to America through public service and that is the legacy that we honor and applaud tonight."

“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," Obama told Americans.

“I return to the White House more determined and more inspired than ever about the work that lies ahead,” he said.

Obama thanked the army of campaign workers and volunteers whose efforts secured his re-election to a second four-year term, calling them the "best campaign team and volunteers in the history of politics."

Near the end of his speech Obama hinted at a more far-reaching agenda in his second term despite the lingering partisan gridlock in Washington, calling for a future that "isn't threatened by the destructive power of a warming planet."

"I believe 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 individual ambitions," Obama said.

"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. Thank you, America. God bless you. God bless these United States."

But once the euphoria fades, the president will face a tough task enacting his second term agenda, after Republicans, who have thwarted his every step, retained control of the House of Representatives.

Democrats kept the Senate but fell short of the 60-vote super majority needed to pass major legislation over Republican blocking tactics.