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Obama Wins Re-Election

CHICAGO (CBSMiami) – President Barack Obama has won a second term in the White House, defeating Republican nominee Mitt Romney.

"This happened because of you. Thank you," Obama tweeted. "We're all in this together. That's how we campaigned, and that's who we are. Thank you."

President Obama was projected to win enough states in the Electoral College to win the presidency, even though at 11:15 p.m., he was trailing in the popular vote. The tipping point was the state of Ohio which was called just after 11 p.m. for President Obama.

Romney called and conceded the race to President Obama a little before 1 a.m. and gave a concession speech shortly thereafter.

The win by President Obama was the first with an unemployment rate as high as 7.9 percent since Franklin Roosevelt.

The win was also a repudiation of the policy invoked by Senate Minority Leader Mitch McConnell who famously said his policy in the Senate was to do everything in his power to keep Obama from winning a second term.

Combined, the President Barack Obama campaign and pro-Obama Super PAC and the Mitt Romney campaign and pro-Romney Super PAC have spent $1.6 billion on a job that pays $1.6 million over four years in office. More than 1,000 Super PAC's were registered in 2012 and combined they raised $661 million, according to the Huffington Post.

President Obama made a total of 227 campaign stops compared to Romney's 294 campaign stops, according to the Huffington Post. Of Romney's 294 campaign stops, 46 of them were in the crucial swing state of Ohio.

Between the Republican primary and the general election, there were a total of 24 debates (20 in the primary and 4 general election debates including the vice-presidential debate).

But President Obama has no time to relax. He must now turn to the looming fiscal cliff and other tax changes that will have to be made before the end of the year. In addition, the Affordable Care Act will also be fully implemented by the time Obama leaves office.

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