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The economy has been a central issue in this presidential election, but it has been improving little by little. In the end, President Obama handily rolled to reelection, pledging, last night, to complete the country's recovery. For more, we turn to economic correspondent John Ydstie. Good morning.

JOHN YDSTIE, BYLINE: Hi, Renee.

MONTAGNE: Now, the weak economy was what Republicans hoped would unseat the president and that did not happen. What are the reasons for that?

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Now, four years ago, the most surprising state on the electoral map was Indiana. That Republican-leaning state went for President Obama. Last night, Indiana returned to the Republican column for Mitt Romney, also elected a new Republican Governor, Mike Pence. But Indiana did not vote Republican for U.S. Senate. Richard Lugar, the longtime incumbent, lost a primary earlier this year, and his replacement on the Republican ticket lost last night.

NPR's Sonari Glinton reports from Indianapolis.

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It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

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And I'm Renee Montagne.

In Wisconsin, Democrats won big just five months after a stinging defeat in their effort to recall Republican Governor Scott Walker. President Obama won the state, even though Mitt Romney chose Wisconsin Congressman Paul Ryan as his running mate. Plus Wisconsin voters elected Democrat Tammy Baldwin to be the first openly gay member of the U.S. Senate.

From Madison, NPR's David Schaper reports.

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Many Americans voted on issues as well as candidates yesterday. It was a historic night for supporters of same-sex marriage, and we'll have more on that in a moment.

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First, voters in two states, Washington and Colorado, approved ballot measures legalizing recreational marijuana use.

As NPR's Jeff Brady reports from Colorado, it appears both states now plan to regulate marijuana more like alcohol.

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Five hundred thirty-eight electoral votes were up for grabs on Election Day. President Obama has won, so far, 303 of them, a comfortable majority. Mitt Romney has 206. Twenty-nine are still unaccounted for - the electoral votes of Florida. Too close to call there. Less than a percentage point divides the candidates. But down the ballot, Democrats did well. The party retained a Senate seat and picked up a few key congressional races as well. NPR's Debbie Elliott reports.

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It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

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Another storm hits the same region today. This one is a nor'Easter, less dramatic than a hurricane, but severe nonetheless, and authorities are warning of possible flooding. They've ordered evacuations in some low lying neighborhoods. As NPR's Martin Kaste reports, this storm means more demand for one of the region's scarcest resources - hotel rooms.

UNIDENTIFIED MAN: Go on up. We got somebody coming through, bub.

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Tuesday was not an easy day for voting in the Northeast. Communities hit hard by last week's storm saw long lines and confusion. NPR's Robert Smith spent yesterday in New York City neighborhoods without power and has this report.

ROBERT SMITH, BYLINE: Before you can vote for a government you have to trust your government, and trust is in short supply on the Rockaway Peninsula these days.

Media companies are counting themselves among the winners in the 2012 election. SuperPAC spending on political ads will push the total amount spent past 2008 totals. The biggest beneficiaries are the usual suspects: Comcast, Disney, NewsCorp and CBS, but also locally owned TV and radio stations — especially those in swing states like Ohio and Florida.

More than an hour before taking the stage to formally announce his re-election, @Barack Obama tweeted his victory. He wrote, "This happened because of you." Obama was one of millions of people who tweeted on Election Day. Traffic on the social networking site peaked at 11:19 p.m. Tuesday when the TV networks called the race.

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For weeks, months - make that years - the conventional wisdom has been that the presidential election would all come down to Ohio, and Ohio would be very close. Well, that was partially right. Ohio was very close, but as NPR's Tamara Keith reports, not as pivotal as predicted.

TAMARA KEITH, BYLINE: Jack Shumate(ph) flew into Ohio last Thursday from Dallas, Texas. He came here because this was the place where he felt he could really make a difference for his candidate, Mitt Romney.

For better or worse, the financial markets face a little less uncertainty — investors know who's going to be president for the next four years. Steve Inskeep talks to David Wessel, economics editor of The Wall Street Journal, about what the outcome of the presidential election means for the economy and financial markets.

President Obama will spend another four years in the White House after winning more than 300 electoral votes. In his victory speech from Chicago, the president promised that the "best is yet to come."

For months, Americans have been watching the presidential political drama play out nightly on the news. Now, with President Obama's victory, that story is ending.

But for the economy, an action thriller is just beginning.

Congress has just weeks to jump to the rescue of an economy moving closer and closer to the so-called fiscal cliff. That phrase refers to a $600 billion cluster of automatic spending cuts and tax hikes — all coming together at year's end.

Winning matters. Having earned a second term, President Obama will attempt to build on and expand the agenda from his first, launching new initiatives on tax policy, education and immigration.

But having won the popular vote by a bare majority — and still facing a divided Congress — Obama may find it difficult to gather momentum for his policies.

Despite the close result in the popular vote nationwide, Obama wasted no time claiming vindication for his ideas. In his victory speech early Wednesday in Chicago, he tied his re-election to two centuries of American progress.

With President Obama's defeat of Mitt Romney, the Republican Party finds itself in the same place it was four years ago — once again coming up short in its attempt to win the most powerful office in American democracy.

It faces the inevitable soul-searching the losing party undergoes, to greater or lesser degrees, after every contest for the one office whose occupant represents the entire nation.

And how the GOP reacts could help determine its fortunes in 2016.

Supporters of President Obama partied outside the White House on Wednesday morning, chanting "Four More Years!" and "U-S-A!" — and singing off-tune renditions of The Star-Spangled Banner.

"I knew I'd be coming here. I just didn't know whether I'd be coming to protest or to celebrate," said AnaLysa Sawyers, 38, a teacher from Maryland.

Transcript of President Obama's victory speech in Chicago. Source: Federal News Service

Editor's Note: NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future.

(Cheers, applause.)

AUDIENCE MEMBERS: (Chanting.) Four more years! Four more years! Four more years! Four more years! Four more years! Four more years! Four more years! Four more years!

Exit polls showed the economy was Issue No. 1 with voters in this presidential election. And it didn't take long for labor organizers and business leaders to start offering their thoughts on the re-election of President Obama.

Because of White House policies, the U.S. economy is "beginning to pick up steam," AFL-CIO President Richard Trumka said in a statement. He cheered Obama's win and put congressional Republicans on notice that Democrats will focus on "ending the Bush tax cuts for the rich and opposing any cuts to Social Security, Medicare, or Medicaid benefits."

President Obama won re-election despite an economy struggling to recover from recession and deep reservations about his signature first-term achievement, the nation's new health care law.

NPR's Liz Halloran explained how Obama's campaign organization helped him overcome these and other challenges. Here, NPR reporters have more about his challenges and successes in the areas of the economy, national security, energy and health care:

Transcript of Mitt Romney's concession speech in the presidential race in Boston. Source: Federal News Service

Editor's Note: NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future.

(Cheers, applause.)

MITT ROMNEY: Thank you. Thank you. Thank you, my friends. Thank you so very much. Thank you. (Cheers, applause.) Thank you. Thank you.

The battle to control the Senate was a proving ground for the new Citizens United politics. Outside groups unleashed heavily funded barrages of attack ads meant to help elect candidates while letting them keep their distance from the nastiness.

In Ohio and Virginia, the tactic failed in rather dramatic ways, as Republicans backed by secretly financed ads failed to beat seemingly vulnerable Democrats.

Voters in North Carolina put a Republican in their governor's office for the first time in two decades, and New Hampshire elected a new female Democratic governor.

But the closely watched tossup races in Montana and Washington, where Democrats currently serve as governors, remained too close to call late Tuesday.

Eight of the gubernatorial seats up for grabs are now held by Democrats; three are in Republican hands. Republicans currently hold 29 governorships, Democrats have 20, and Rhode Island Gov. Lincoln Chafee is an independent.

In a highly polarized electorate, there's not a lot of room for third-party candidates to make a strong showing. Still, minor parties did see some bright spots on Tuesday.

Maine elected an independent to the Senate, former Gov. Angus King, while Vermont re-elected its independent senator, Bernard Sanders.

Both those victories may have been "idiosyncratic," says Cary Covington, a University of Iowa political scientist, having more to do with the personal popularity of the candidates than pointing to any wider desire for independent candidates.

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And now on to the biggest state that is really a contested battleground. I mean, we assume New York and California are barely contested by Republicans and Texas is assumed to go to Republican.

MELISSA BLOCK, HOST:

Texas, yeah.

SIEGEL: But with 29 electoral votes, Florida is always a state we look at. And our own Debbie Elliott is in Tampa at the Republican Party event there. And, Debbie, who are the key constituencies in Florida who are thought to be the ones who will decide who wins this day today?

Melissa Block talks with Don Gonyea as polls close in Ohio.

Robert Siegel talks with Ron Elving about the big picture of Tuesday's elections.

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And we're going to be checking in a lot tonight with Andy Kohut of the Pew Research Center, who's here with us now to talk about early exit polls. Andy, what are you seeing, first of all, in terms of the presidential race?

Melissa Block talks with Tamara Keith in Ohio.