10 things you need to know today: November 7, 2012

Obama wins a second term, Congress remains split, and more in our roundup of the stories that are making news and driving opinion

President Obama and Vice President Joe Biden embrace after television networks called the election in their favor on Tuesday night.
(Image credit: Pete Souza/The White House/Getty Images)

1. OBAMA WINS FOUR MORE YEARS

President Obama won re-election on Tuesday, sweeping the crucial swing states of Colorado, Iowa, Ohio, New Hampshire, Virginia, and Wisconsin to defeat Mitt Romney. Obama also holds a narrow lead in Florida, although officials there haven't declared a winner. Romney delayed conceding for a tense 90 minutes after the major TV networks called the race, with his aides ready to fly to close states to contest the results. When Obama's victory became undeniable, Romney went on stage in Boston and wished him well. "This is a time of great challenges for America," Romney said, "and I pray that the president will be successful in guiding our nation." Obama overcame brutal economic headwinds, asking Americans to give him four more years to complete the recovery from the Great Recession he inherited. "We know in our hearts that for the United States of America, the best is yet to come," Obama told supporters early Wednesday. [New York Times]

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