After a hotly contested and historically expensive race, Barack Obama was re-elected President of the United States for a second term on Tuesday night.

The major TV networks projected Obama the winner after he took Ohio, one of eight crucial battleground states, at about 11:45 p.m. ET.

Besides Ohio, Obama also won the other swing states of New Hampshire, Michigan, New Mexico, Iowa, Wisconsin, Colorado, Nevada, Pennsylvania, Virginia and Minnesota. Florida was too close to call, but even if Romney pulled out victory there; it wouldn't earn him enough Electoral College votes to win.

Romney did have a slight edge in the popular vote at one point, which was nearly deadlocked late Tuesday night.

The victory for Obama, however, was not easy. Romney's damning "47 percent" video, in which he called nearly half of Americans freeloaders, seemingly put Obama on top. But then the president stumbled badly in the first debate, giving the challenger momentum in the final weeks of the campaign.

However, Obama may have gotten a boost from the tragedy of superstorm Sandy with his fast action and work with Republican New Jersey Governor Chris Christie, who praised the president's response and concern for the citizens of his state.