In his victory speech, President Obama tells his supporters "For the United States, the best is yet to come.”
As we wrap up our live coverage, a quick look at the results.
Two states have yet to be called for Obama or Romney. Alaska, which closed its polls very late, is expected for go for the former Massachusetts governor. Florida is the other state and it is still too close to call at this time.
In addition to the White House, the AP reports Democrats have secured a majority in the Senate on Tuesday, snatching Republican-held seats in Massachusetts and Indiana and turning back fierce, expensive challenges in Virginia, Ohio, Wisconsin and Connecticut to maintain the control they've held since 2007.
National media shows Democrats holding anywhere from 51 to 53 seats, depending on outcome of late races and whether the two independents who won are caucusing with the Democrats.
Democrats are going to keep control in the Senate. However, the House of Representatives will still be controled by Republicans. It is still not clear if either party will gain or lose seats in the chamber.
Another highlight of the evening was the results from some historic ballot initiatives.
The northeastern state of Maine and the mid-Atlantic state of Maryland became the first two states to approve gay marriage through a popular vote. Six U.S. states and Washington, D.C. allow gay marriage, but in their cases, legalization came through lawmakers or the courts.
The states of Washington and Colorado approved legalizing the production, sale, and possession of marijuana for recreational use. But those approvals put the states at odds with the federal government which still outlaws the drug.
Stay with VOA as we continue our coverage of the results from Election 2012.