President Barack Obama decisively won a second term Tuesday night, beating Republican challenger Mitt Romney in both the popular and electoral votes. It was a night of jubilation for the president's supporters after a grueling re-election campaign.

In his victory speech, the president promised an American public battered by economic downturn and war that a brighter future was on the horizon, while Romney, in his brief concession speech, thanked his supporters and wished Obama and the country well.

"Tonight, in this election, you, the American people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up, we have fought our way back, and we know in our hearts that for the United States of America the best is yet to come," Obama said.

After a fiercely ideological campaign, Obama returned to the post-partisan theme that launched his national political career during a widely regarded speech at the 2004 Democratic National Convention.

"I believe we can seize this future together because we are not as divided as our politics suggests," Obama said. "We're not as cynical as the pundits believe. We are greater than the sum of our individual ambitions and we remain more than a collection of red states and blue states. We are, and forever will be, the United States of America."

For his part, Romney was gracious in defeat, telling his supporters that despite the election results, conservative principles will endure.

"I so wish that I had been able to fulfill your hopes to lead the country in a different direction, but the nation chose another leader, and so Ann and I join with you to earnestly pray for him and this great nation," Romney said.

Here's full video of both speeches.