Baku, November 7 (AZERTAC). Barack Obama has won the 2012 United States presidential election, and will return to the White House for a second term. 

President Barack Obama rode a wave of broad support from minorities, women and moderates to win re-election Tuesday by defeating Republican challenger Mitt Romney in Democratic strongholds and key battleground states.

Obama surpassed the decisive 270-vote threshold in the Electoral College with victory in Ohio. That and a later projected victory in another swing state -- Virginia -- gave him 303 electoral votes to 206 for Romney.

Joyful supporters danced and cheered at Obama`s victory party in Chicago, and the president thanked them for ensuring the nation will continue to move forward while warning the battle for change they seek will continue to be difficult.

"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," Obama said to prolonged cheers.

He emphasized his main campaign theme of fighting for equal opportunity for all, saying the political arguments that come with democracy in America were a necessary part of the process.

When he finished, the first family and Vice President Joe Biden and his family joined him onstage in a celebration of waves, hugs amid a blizzard of confetti.

In a brief speech he delivered alone, Romney congratulated and said his prayers would be with the president at such a challenging time for the country.

"It`s not about geography anymore with the Republican Party," said Margaret Hoover, a Republican strategist and CNN contributor. "It`s about demographics, and we`ve got to start thinking about growing the party."

According to early exit polls, 60% of voters said the economy was the most important issue, 59% thought abortion should be legal and 50% wanted Obama`s health care reform law repealed while 43% wanted it to remain in place or be expanded.

He had promised to repeal the health care and Wall Street reforms of the Obama presidency and to "limit government rather than limiting the dreams" of Americans.

Obama and his team attacked Romney`s politics and his background as a venture capitalist, saying he would back policies favoring the wealthy over the middle class and exacerbate the already widening income and opportunity disparity in the country. The president wanted the race to come down to competing visions for the future and his oft-repeated goal of restoring the promise of the American dream of equal opportunity for all.

Outside groups accounted for the biggest boost in spending, with independent organizations dropping more than $970 million. The increase was largely related to the 2010 U.S. Supreme Court ruling that paved the way for super PACs to raise and spend unlimited amounts of money as long as they did not coordinate with the campaigns.