OBAMA is PRESIDENT ELECT, MC CAIN CONCEDES

(CNN)--Barack Obama told supporters that "change has come to America" as he addressed the country for the first time as the president-elect. Sen. Barack Obama addresses a crowd of 125,000 people in Chicago, Illinois.

"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.

Police estimated that 125,000 people gathered in Grant Park to hear Obama claim victory. Obama said he was looking forward to working with Sen. John McCain and Gov. Sarah Palin "to renew this nation's promise in the months ahead."



(CNN) --Democrat Barack Obama wins the presidential election, CNN projects, setting him up to become the first African-American in the nation's highest office. "The American people have spoken," rival John McCain told supporters.

Sen. John McCain on Tuesday urged all Americans to join him in congratulating Sen. Barack Obama on his projected victory in the presidential election. CNN projects that Sen. Barack Obama will win the presidential election.

"I pledge to him tonight to do all in my power to help him lead us through the many challenges we face," McCain said before his supporters in Phoenix, Arizona. McCain's running mate, Gov. Sarah Palin, was standing with him, but she did not speak. With his projected win, Obama will become the nation's 44th president. Obama will address the country from a rally in Chicago, Illinois, later Tuesday night.

The Illinois senator will become the first African-American to win the presidency. Supporters in Chicago cheering,"Yes, we can" were met with cries of "Yes, we did."

Obama's former rival for the Democratic nomination, Sen. Hillary Clinton said in a statement that "we are celebrating an historic victory for the American people."

"This was a long and hard fought campaign but the result was well worth the wait. Together, under the leadership of President Barack Obama, Vice President Joe Biden, and a Democratic Congress, we will chart a better course to build a new economy and rebuild our leadership in the world."

The Illinois senator is projected to pick up a big win in Virginia, a state that hasn't voted for a Democratic president since 1964.

Obama also is projected to beat Sen. John McCain in Ohio, a battleground state that was considered a must-win for the Republican candidate.

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