VIDEO: ‘The best is yet to come’

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RE-ELECTED US president Barack Obama today told ecstatic supporters the “best is yet to come” in a victory speech in his home city of Chicago.

Flanked by wife Michelle and daughters Malia And Sasha, the jubilant Democrat congratulated opponent Mitt Romney on a “hard fought campaign” and revealed he would work with the former Massachusetts governor to take the country forward.

Barack Obama hugs his wife Michelle while (below) Mitt Romney waves to his supporters.

Barack Obama hugs his wife Michelle while (below) Mitt Romney waves to his supporters.

The president told the crowd, who chanted “four more years” as he arrived on stage, that they had “lifted me up the whole way and I will always be grateful”.

And he heaped praise on his family, revealing he had never loved his wife Michelle more and commending his “smart, beautiful” daughters.

President Obama vowed to revive America’s economy but warned “progress will come in fits and starts”. Rival Mitt Romney earlier conceded defeat, phoning the president to congratulate him on his victory.

He told his supporters he and running mate Paul Ryan had “given our all” to the campaign and said he wished his Democrat opponent well.

Mitt Romney waves to his supporters.

Mitt Romney waves to his supporters.

The businessman urged his supporters to pray for the re-elected president as he returns to the White House against a backdrop of economic gloom.

He added: “I so wish that I had been able to fulfil your hopes to lead the country in a different direction but the nation chose another leader and so I join with you to earnestly pray for him and for this great nation.”

In a speech lasting almost 25 minutes, Obama insisted he had hope for the future but admitted there was “more work to do”.

“The best is yet to come, but we have more work to do,” he told the crowd.

The president said his supporters “voted for action, not business as usual” as he vowed to reduce the deficit, reform taxation and fix the immigration system.

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