President-elect Barack Obama, left, and Vice President-elect Joe Biden wave to the crowd after Obama's acceptance speech at Grant Park in Chicago, 4 Nov. 2008

Barack Obama has been elected the 44th president of the United States, becoming the first African American elected to the office. Mike O'Sullivan reports, the Democratic senator from Illinois promised to unify the country when he takes office, January 20th.

In Grant Park in Chicago, hundreds of thousands of supporters reacted with screams of joy as American television networks projected Barack Obama as the next U.S. president.

In Phoenix, Arizona, losing Republican candidate Senator John McCain conceded the race, telling his somber supporters they had reached the end of a long journey.

"The American people have spoken and they have spoken clearly. A little while ago, I had the honor of calling Senator Barack Obama to congratulate him on being elected the next president of the country that we both love."

A short time later, Senator Obama mounted the stage in Chicago with his wife and two daughters, then spoke to his supporters in a televised address that was seen around the world.

"It's been a long time coming, but tonight, because of what we did on this day, in this

Supporters of President-elect Barack Obama celebrate near the White House, 05 Nov 2008

election at this defining moment, change has come to America."

The election is historic. When Mr. Obama takes office in January, he will become the first African American president in the nation's 232-year history. His election ends eight years of Republican control of the White House under President George W. Bush.

As the vote count progressed, the Democrat far outpaced his rival in the state-by-state tally of electoral votes. The winning candidate needs 270 electoral votes. Senator McCain fell far short, as Mr. Obama won such contested states as Ohio and Pennsylvania, which many saw as crucial for a McCain victory.

In his victory speech in Chicago, Mr. Obama spoke of the challenges facing the nation, which include the wars in Iraq and Afghanistan, what he called a planet in peril and the worst financial crisis in a century.

"There's new energy to harness, new jobs to be created, new schools to build and threats to meet, alliances to repair. The road ahead will be long. Our climb will be steep. We may not get there in one year or even in one term. But America, I have never been more hopeful than I am tonight that we will get there."

President-elect Barack Obama stands on stage along with his wife Michelle and daughters during election night gathering in Grant Park, Chicago, 04 Nov 2008

As Senator Obama called for unity in the face of the country's problems, Senator McCain pledged his support, despite the differences the two men expressed in the campaign.

President-elect Obama will enter office with a sympathetic Congress. Democrats strengthened their grip on both the House of Representatives and Senate in Tuesday's election, winning Republican-held Senate seats in Virginia, New Mexico, New Hampshire and North Carolina. They fell short of the 60 Senate seats they had hoped for, which would have allowed them to avoid procedural blocks known as filibusters. This will be the first time since 1995 that the Democrats have held the presidency and a majority in both the House of Representatives and the Senate. 

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