Gov. Mitt Romney graciously concedes presidential election

RAW VIDEO: Gov. Mitt Romney concedes the presidential election

BOSTON -- Republican presidential candidate Mitt Romney conceded the election to President Barack Obama on late on Tuesday, November 6th. The speech was given in Romney's home city of Boston. His running mate, vice presidential candidate Paul Ryan, was with him.

"This is a time of great challenges for America and I pray that the president will be successful in guiding our nation," the former Massachusetts governor told cheering supporters in Boston.

Romney also thanked his running mate, saying the Wisconsin congressman had a bright future in the GOP.

Gov. Mitt Romney graciously concedes presidential election

Romney wrapped up by saying, "The nation is at a critical point. At a time like this, we can't risk partisan bickering...I believe in America. I believe in the people of America."

President Obama was projected to be the victor after the critical swing state of Ohio went his way, putting him over the 270 electoral votes needed to secure the White House.

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