'You have made me a better president'

The president's victory speech — he'd written a concession, too, just in case — reflected the realities of the rough road ahead.

"By itself the recognition that we have common hopes and dreams won't end all the gridlock, or solve all our problems or substitute for the painstaking work of building consensus and making the difficult compromises needed to move this country forward," Obama said.

"But that common bond is where we must begin. Our economy is recovering. 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 have made me a better president."

The president said he hoped to meet with Romney and discuss how they can work together. They may have battled fiercely, he said, "but it's only because we love this country deeply."

Romney's short concession — with misplaced confidence, he'd only prepared an acceptance speech — was a gracious end note after a grueling campaign.

He wished the president's family well and told subdued supporters in Boston, "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 and so Ann and I join with you to earnestly pray for him and for this great nation."

Success despite economic woes

Obama's re-election was a remarkable achievement given that Americans are anything but enthusiastic about the state they're in: Only about 4 in 10 voters thought the economy is getting better, just one quarter thought they're better off financially than four years ago and a little more than half think the country is on the wrong track, exit polls showed.

But even now, four years after George W. Bush left office, voters were more likely to blame Bush than Obama for the fix they're in.

It wasn't just the president and Congress who were on the ballot. Voters around the country considered ballot measures on a number of divisive social issues, with Maine and Maryland becoming the first states to approve same-sex marriage by popular vote while Washington state and Colorado legalized recreational use of marijuana.

From the beginning, Obama had an easier path than Romney to the 270 electoral votes needed for victory. The most expensive campaign in history was narrowly targeted at people in nine battleground states that held the key to victory, and the two sides drenched voters there with more than a million ads, the overwhelming share of them negative.

Obama claimed at least seven of the battleground states, most notably Ohio, the Ground Zero of campaign 2012. He also got Iowa, New Hampshire, Colorado, Nevada, Virginia and Wisconsin, and he was ahead in Florida. Romney got North Carolina.

Overall, Obama won 25 states and the District of Columbia and was leading in too-close-to-call Florida. Romney won 24 states.

It was a more measured victory than four years ago, when Obama claimed 365 electoral votes to McCain's 173, winning with 53 percent of the popular vote.

Obama was judged by 53 percent of voters to be more in touch with people like them. More good news for him: Six in 10 voters said that taxes should be increased. And nearly half of voters said taxes should be increased on income over $250,000, as Obama has called for.

Obama's list of promises to keep includes many holdovers he was unable to deliver on in his first term: rolling back tax cuts for upper-income people, immigration reform, reducing federal deficits, and more.