Re-elected President Barack Obama praises Romney in powerful victory speech

President Barack Obama was at his rhetorical best after being re-elected early Wednesday morning, praising and promising to meet with Mitt Romney, the defeated Republican challenger.

"I want to thank every American who participated in this election, whether you voted for the very first time or waited in line for a very long time -- by the way we have to fix that -- whether you pounded the pavement or picked up the phone, whether you held an Obama sign or a Romney sign, you made your voice heard and you made a difference," the president told a crowd of supporters in Chicago.

"I just spoke with Gov. Romney and I congratulated him and Paul Ryan on a hard fought campaign," Obama continued. "The Romney family has chosen to give back through public service, and that is a legacy that we honor and applaud tonight. In the weeks ahead, I also look forward to sitting down with Gov. Romney to talk about where we can work together to move this country forward."

Watch more of President Barack Obama's remarks in the 7-minute video below, courtesy of NBC's Nov. 7, 2012 broadcast.