In a close presidential race against Republican Mitt Romney, Democratic President Barack Obama held on to win another four-year term.

“Tonight, you voted for action not politics as usual.” he told supporters in Chicago. “You elected us to focus on your job, not ours.”

President Obama took 50 percent of the popular vote, while Romney won 48 percent. The difference was less than 3,000,000 votes. It’s estimated that Obama took 303 electoral votes, to Romney’s 206. A candidate needs 270 to win.

“I so wish that I had been able to fufill your hopes…but the nation chose another leader,” Romney told supporters at his Boston headquarters.

President Obama has his work cut out for him, since automatic tax increases and across-the-board spending cuts known as the “fiscal cliff” are set to take effect January 1, unless there’s a budget deal to avoid it.

Congress is still divided, with Democrats still in control of the Senate and Republicans in charge in the House.