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CBS Projects President Obama As Election Winner

By: AP
By: AP

President Barack Obama has been re-elected to a second term, defeating Republican Mitt Romney in a hard-fought race in which the economy was the dominant issue.

Voters decided to give Obama another four years of stewardship over an economy that is slowly recovering from the recession.

Obama captured battleground states including Ohio, Iowa and Colorado on his way to the 270 electoral votes he needed.

Romney unsuccessfully campaigned on the theme that his business background gave him the experience needed to guide the nation out of tough economic times.

Obama will again be dealing with a divided Congress. Democrats maintained control of the Senate and Republicans likely will again control the House. Among the most pressing matters is the so-called fiscal cliff of tax hikes and spending cuts scheduled to hit in January. Economists have warned that if they aren't averted, the nation could face another recession.


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