Obama, 47, a first-term senator from Illinois, will be sworn in as the 44th U.S. president on January 20, 2009. He will face a crush of immediate challenges, including easing the economic crisis, ending the war in Iraq and striking a compromise on overhauling the health care system.
Barack Obama told supporters that "change has come to America" as he claimed victory in a historic presidential election.
"The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America -- I have never been more hopeful than I am tonight that we will get there. I promise you -- we as a people will get there," Obama said in Chicago, Illinois, before an estimated crowd of up to 240,000 people.
With Obama's projected win, he will become the first African-American to win the White House.
Obama had an overwhelming victory over Sen. John McCain, who pledged Tuesday night to help Obama lead.
"Today, I was a candidate for the highest office in the country I love so much, and tonight, I remain her servant," McCain said.
McCain called Obama to congratulate him, and Obama told the Arizona senator he was eager to sit down and talk about how the two of them can work together.
President Bush also called Obama to offer his congratulations.
Bush told Obama he was about to begin one of the great journeys of his life, and invited him to visit the White House as soon as it could be arranged, according to White House spokeswoman Dana Perino.
Obama will be working with a heavily Democratic Congress. Democrats picked up Senate seats in New Hampshire, New Jersey, North Carolina and Virginia, among others.
"While the Democratic Party has won a great victory tonight, we do so with a measure of humility and determination to heal the divides that have held back our progress," Obama said.
Flanked by American flags, Obama told the roaring crowd, "This is your victory."
"To those Americans whose support I have yet to earn -- I may not have won your vote, but I hear your voices, I need your help, and I will be your president too," he said.
"To those Americans whose support I have yet to earn -- I may not have won your vote, but I hear your voices, I need your help, and I will be your president too," he said.
CNN/Reuters
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