Obama became only the second Democrat to win a second term in White House since World War II. With some swing states, including Florida and Virginia, yet to be declared, Obama already had 275 electoral votes.

Obama, who was elected four years ago on the plank of "real change", had a tough time answering questions on issues like unemployment and handling economic recession.

Opinion polls had given him only a slight advantage but the tackling of the after-effects of superstorm Sandy appeared to have given him some edge. Romney's aides had hoped that a late wave in favour of the Republican candidate would oust Obama on account of a sluggish recovery from the worst economic crisis since the 1930s Great Depression and high unemployment.

The mood at Romney headquarters in Boston turned subdued after networks declared his rival the winner. Defeats in New Hampshire, Romney's summer abode, and Wisconsin, the home of Republican vice presidential nominee Paul Ryan, were especially disheartening for the Republicans.

Polls also showed that though only 39 per cent of people believed that the economy was improving, around half of Americans blamed former President George W Bush for the gloomy scenario, and not Obama. Television networks projected that Republicans would win the House of Representatives, while the Democrats clung onto the Senate.

And yes, Romney has yet to concede defeat. Looks like Obama will  have to break tradition and speak before the losing candidate accepts defeat.