Romney Concedes Presidential Election

That's gotta sting

Mitt Romney concedes defeat, saying: "I have just called President Obama to congratulate him on his victory."

Barack Obama has won a second term as US President after beating Republican challenger Mitt Romney following a bitter and costly election campaign.

The Democrat sealed victory by winning in Ohio, Iowa, New Hampshire, Nevada, Wisconsin, Virginia and Colorado—six of the nine key battleground states.

With Florida still too close to call, Mr Obama has 303 electoral college votes to Mr Romney's 203 and is well over the crucial threshold of 270.