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Transcript of President Obama's victory speech in Chicago on Tuesday. Source: Federal News Service

Transcript of President Obama's victory speech in Chicago on Tuesday. Source: Federal News Service

Transcript of President Obama's victory speech in Chicago on Tuesday. Source: Federal News Service

Gov. Jerry Brown's tax initiative, Proposition 30, is ahead 52 to 48 percent with more than half the state's precincts reporting..

Democrat Bob Filner holds a slight lead over GOP Councilman Carl DeMaio in the race for San Diego mayor.

Proposition 34, which would replace the death penalty in California with life imprisonment without the possibility of parole, was trailing with nearly a quarter of the state's precincts counted.

After a hard-fought battle, Republican Mitt Romney conceded tonight and President Barack Obama was re-elected.

Polls in the three largest battleground states -- Florida, Virginia and Ohio -- have closed, but it will be some time before the results are known. NPR has called other states, and no surprises here: President Obama has won Vermont, Massachusetts, Connecticut, Delaware, Washington, D.C., Illinois, Maine, Maryland and Rhode Island. Gov. Romney has won Georgia, Indiana, Kentucky, South Carolina, West Virginia, Alabama, Mississippi and Oklahoma.

President Obama has won re-election in a sweep that ended the night before the count was completed in two key battleground states, Florida and Virginia. By holding the "Midwest firewall" -- including Ohio, Wisconsin, and Michigan -- the president handily defeated his challenger.

Polls in the three largest battleground states -- Florida, Virginia and Ohio -- have closed, but it will be some time before the results are known. NPR has called other states, and no surprises here: President Obama has won Vermont, Massachusetts, Connecticut, Delaware, Washington, D.C., Illinois, Maine, Maryland and Rhode Island. Gov. Romney has won Georgia, Indiana, Kentucky, South Carolina, West Virginia, Alabama, Mississippi and Oklahoma.