President Obama Re-Elected to White House - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

President Obama Re-Elected to White House

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President Barack Obama has been re-elected to a second term, defeating Republican Mitt Romney in a hard-fought race in which the economy was the dominant issue.

CBS News reports Romney is expected to speak from Boston just before 10pm.

Voters decided to give Obama another four years of stewardship over an economy that is slowly recovering from the recession.

Obama captured battleground states including Ohio, Iowa and Colorado on his way to the 270 electoral votes he needed.

Romney unsuccessfully campaigned on the theme that his business background gave him the experience needed to guide the nation out of tough economic times.

Obama will again be dealing with a divided Congress. Democrats maintained control of the Senate and Republicans likely will again control the House. Among the most pressing matters is the so-called fiscal cliff of tax hikes and spending cuts scheduled to hit in January. Economists have warned that if they aren't averted, the nation could face another recession.

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

Voters had a more favorable view of President Barack Obama than Republican challenger Republican challenger Mitt Romney, and the president had an 11-point lead over Romney on the question of which candidate is more in touch with people like them. Of those holding that view, 91 percent voted for Obama.

On the other hand, most voters said that Romney's policies would generally favor the rich, while only 1 in 10 said that was the case for the president's policies. Seven in 10 voters said that Obama's policies generally favor the middle class or poor, while less than 4 in 10 said that about Romney's policies. Obama had hammered Romney during the campaign as someone whose proposed across-the-board tax cuts would mostly help the rich at the expense of everyone else. 

There was an income split among voters: Obama won a majority of those whose family income was less than $50,000 last year, while Romney led among those with $50,000 or more.

Obama led by 12 percentage points among women, while Romney led among men. A majority of those under 45 voted for Obama, with people under 30 backing the president in especially large numbers. People 45 and over were breaking for Romney.

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