From fiscal cliffs and trillion dollar debts to the threat of Iran, ITV News's Mark Austin outlines the issues facing the re-elected US President as he embarks on his final four years in office:
Biggest honor I could have: I just introd to my OFA colleagues:"plz welcome the re-elected president of the US Barack Obama"
John Boehner, the Republican Speaker of the House of Representatives, has said Washington should find a short-term solution to avoid the fiscal cliff and then work on a substantive debt reduction plan in 2013.
The White House and lawmakers have less than two months to deal with the fiscal cliff or $600 billion worth of spending cuts and tax increases due to go into effect at the end of the year.
– John Boehner
We won't solve the problem of our fiscal imbalance overnight ... What we can do is avert the cliff in a manner that serves as a down payment on - and a catalyst for - major solutions, enacted in 2013, that begin to solve the problem.
This is the fifth time in six elections that Republicans has failed to win the popular vote, and that raises questions for the party.
ITV News' International Editor Bill Neely reports from Boston:
Barack Obama has arrived at his campaign headquarters in Chicago to thank party workers before he heads back to Washington, Reuters' White House correspondent has reported.
President Obama has called the Congressional leaders of both the Republican and Democrat parties after his victory, a White House spokesperson said.
The President said the American people want the two sides to work together.
Obama faces a Republican majority in Congress.