"I have just called President Obama to congratulate him, his campaign and his supporters on the victory. I have wished him, his wife and daughters," 65-year-old Romney told his cheering supporters shortly after networks declared his defeat.
Still smiling and waving to them, Romney said this is a time of great challenges. "I pray President Obama will be successful in guiding our nation."
Hoping that the economy will become resurgent once again, the businessman-turned politician said he honestly prayed for the President and the nation.
"At this critical point, we can't risk political posturing," he said.
Hiding his emotions over the defeat, Romney told his supporters that "everything on the field, we have all given to this campaign.
"I so wished that I would have been able to fulfil your wishes but the nation has shown trust in the other leader. I honestly pray for him and the nation."
He profusely thanked his supporters for the wonderful campaign.