VICTORY: Obama wins 4 more years in the White House.

With major networks CNN and Fox News calling the United States presidential election for Barack Obama and the Democrats – the contest appears to be well and truly decided.

Barack Obama has been returned to the White House and will serve four more years as, arguably, the most powerful person in the world.

At 3.19pm Sydney time, the President just tweeted this photo, where he embraces his hugely popular wife and First Lady, Michelle, along with the simple caption: ‘4 more years’.

(Obama’s tweet has now become the most retweeted of all time.)

It’s been a long night for both the Democratic and Republican camps as all major news networks seemed to hold out as long as possible from making predictions in key swing states of Florida, Ohio, North Carolina and Virginia.

The Australian reports:

BARACK Obama today won a second term in the White House after a presidential campaign fought against the backdrop of a sputtering US economy.

Mr Obama, who pioneered online electioneering, claimed victory in his re-election battle with posts on his Twitter and Facebook pages.

”This happened because of you. Thank you. Four more years,” he tweeted on his official account, signed with his initials ”bo” to mark it as a personal message, in a response that was quickly ”retweeted” 88,000 times.

Campaigning behind a slogan of ”Real Change”, Republican candidate Mitt Romney won about 50 per cent of the popular vote but was unable to take key states from his Democratic rival.

The celebrations have already begun in Obama’s home state of Chicago with reports that Obama staff are leaving Democratic Chicago Headquarters chanting “Clear Eyes, Full Hearts … CAN’T LOSE!”

Obama is addressed supporters earlier today, saying:

Tonight, in this election, you, the American people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up, we have fought our way back, and we know in our hearts that for the United States of America, the best is yet to come.

I know that political campaigns can sometimes seem small, even silly. And that provides plenty of fodder for the cynics who tell us that politics is nothing more than a contest of egos or the domain of special interests. But if you ever get the chance to talk to folks who turned out at our rallies and crowded along a rope line in a high school gym or – or saw folks working late at a campaign office in some tiny county far away from home, you’ll discover something else.

You’ll hear the determination in the voice of a young field organiser who’s working his way through college and wants to make sure every child has that same opportunity. (Cheers, applause.) You’ll hear the pride in the voice of a volunteer who’s going door to door because her brother was finally hired when the local auto plant added another shift. (Cheers, applause.)

You’ll hear the deep patriotism in the voice of a military spouse who’s working the phones late at night to make sure that no one who fights for this country ever has to fight for a job or a roof over their head when they come home. (Cheers, applause.)

That’s why we do this. That’s what politics can be. That’s why elections matter. It’s not small, it’s big. It’s important. Democracy in a nation of 300 million can be noisy and messy and complicated. We have our own opinions. Each of us has deeply held beliefs. And when we go through tough times, when we make big decisions as a country, it necessarily stirs passions, stirs up controversy. That won’t change after tonight. And it shouldn’t. These arguments we have are a mark of our liberty, and we can never forget that as we speak, people in distant nations are risking their lives right now just for a chance to argue about the issues that matter – (cheers, applause) – the chance to cast their ballots like we did today.

But despite all our differences, most of us share certain hopes for America’s future.

We want our kids to grow up in a country where they have access to the best schools and the best teachers – (cheers, applause) – a country that lives up to its legacy as the global leader in technology and discovery and innovation – (scattered cheers, applause) – with all of the good jobs and new businesses that follow.

We want our children to live in an America that isn’t burdened by debt, that isn’t weakened up by inequality, that isn’t threatened by the destructive power of a warming planet. (Cheers, applause.)

We want to pass on a country that’s safe and respected and admired around the world, a nation that is defended by the strongest military on Earth and the best troops this – this world has ever known – (cheers, applause) – but also a country that moves with confidence beyond this time of war to shape a peace that is built on the promise of freedom and dignity for every human being.

We believe in a generous America, in a compassionate America, in a tolerant America open to the dreams of an immigrant’s daughter who studies in our schools and pledges to our flag – (cheers, applause) – to the young boy on the south side of Chicago who sees a life beyond the nearest street corner – (cheers, applause) – to the furniture worker’s child in North Carolina who wants to become a doctor or a scientist, an engineer or an entrepreneur, a diplomat or even a president.

That’s the – (cheers, applause) – that’s the future we hope for.

Tonight you voted for action, not politics as usual. (Cheers, applause.) You elected us to focus on your jobs, not ours.And in the coming weeks and months, I am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together – reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil. We’ve got more work to do. (Cheers, applause.)

But that doesn’t mean your work is done. The role of citizens in our democracy does not end with your vote. America’s never been about what can be done for us; it’s about what can be done by us together, through the hard and frustrating but necessary work of self-government. (Cheers, applause.) That’s the principle we were founded on.

This country has more wealth than any nation, but that’s not what makes us rich. We have the most powerful military in history, but that’s not what makes us strong. Our university, our culture are all the envy of the world, but that’s not what keeps the world coming to our shores. What makes America exceptional are the bonds that hold together the most diverse nation on Earth, the belief that our destiny is shared – (cheers, applause) – that this country only works when we accept certain obligations to one another and to future generations, so that the freedom which so many Americans have fought for and died for come with responsibilities as well as rights, and among those are love and charity and duty and patriotism. That’s what makes America great. (Cheers, applause.)

And I know that every American wants her future to be just as bright. That’s who we are. That’s the country I’m so proud to lead as your president. (Cheers, applause.) And tonight, despite all the hardship we’ve been through, despite all the frustrations of Washington, I’ve never been more hopeful about our future. (Cheers, applause.) I have never been more hopeful about America. And I ask you to sustain that hope.[Audience member: “We got your back, Mr President!”]

I’m not talking about blind optimism, the kind of hope that just ignores the enormity of the tasks ahead or the road blocks that stand in our path. I’m not talking about the wishful idealism that allows us to just sit on the sidelines or shirk from a fight. I have always believed that hope is that stubborn thing inside us that insists, despite all the evidence to the contrary, that something better awaits us so long as we have the courage to keep reaching, to keep working, to keep fighting. (Cheers, applause.)

America, I believe we can build on the progress we’ve made and continue to fight for new jobs and new opportunities and new security for the middle class. I believe we can keep the promise of our founding, the idea that if you’re willing to work hard, it doesn’t matter who you are or where you come from or what you look like or where you love. It doesn’t matter whether you’re black or white or Hispanic or Asian or Native American or young or old or rich or poor, abled, disabled, gay or straight. (Cheers, applause.) You can make it here in America if you’re willing to try.

(Cheers, applause.)

I believe we can seize this future together because we are not as divided as our politics suggests. We’re not as cynical as the pundits believe. We are greater than the sum of our individual ambitions and we remain more than a collection of red states and blue states. We are, and forever will be, the United States of America. (Cheers, applause.)

And together, with your help and God’s grace, we will continue our journey forward and remind the world just why it is that we live in the greatest nation on earth. (Cheers, applause.) Thank you, America. (Cheers, applause.) God bless you. God bless these United States. (Cheers, applause.)

You can read the speech in full here.

The land of the free and the brave is perhaps just as well known for its celebrities. Who is supporting who? Click here to find out (and for a hilarious video of comedian Chris Rock saying why you should vote for his favourite white guy Barack Obama)