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.
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.
Americans can take pride in last night's peaceful exercise of our democratic right to choose those who will lead us. We are one country, united in our beliefs and our values.
Let us pray for wisdom and courage for our President and all who were elected to office last night. God Bless America.
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.
Herman Cain, who lost to Mitt Romney for the Republican's presidential nomination, has issued a harsh warning to Obama voters in the wake of the President's re-election.
US Senate Majority Leader Harry Reid has said last night's election results show the American people want a balanced approach to deficit reduction and tax policy, Reuters has reported.
Senator Reid called for bipartisan cooperation, saying he will negotiate with Republicans "any time, any issue."
We have to sit down and go to work on it now, not wait. This was really the message the American people sent.