Barack Obama, the post-partisan candidate of hope four years ago who became the first black U.S. president, won re-election by overcoming four years of economic discontent with a mix of political populism and electoral math.

Obama defeated Republican Mitt Romney, with the Associated Press projecting the president winning at least 303 electoral votes in yesterday’s election, with 270 needed for a second term.

He faces a partisan divide in Congress, with Republicans retaining their House majority while Democrats kept control of the Senate, and a looming fiscal crisis of automatic spending cuts and tax increases set to begin next year unless a compromise is reached.

“This is a time for great challenges for America, and I pray that the president will be successful in guiding our nation,” Romney said in a concession speech in Boston, where he had watched returns with family and friends. He called Obama to concede and offer congratulations shortly before his remarks.

“At a time like this, we can’t risk partisan bickering,” Romney, 65, said in a speech that lasted less than five minutes. “We have given our all to this campaign.”

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