Now Barack Obama has secured four more years in the White House he must tackle the growing list of challenges facing America.
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President Obama has arrived back in Washington DC with his family to begin his second term in office.
The US President will tackle a looming budget crisis and work with Republicans in Congress, the Party which retained control of the House of Representatives on Tuesday, but failed to take the Senate.
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.
– Former US Secretary of State Condoleezza Rice
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: