Update 12:55 a.m.: Republican nominee Mitt Romney concedes to President Obama. "I pray that the president will be successful in guiding our nation," he said.
Update 11:20 p.m.: President Obama has been declared the winner in the election according to network news stations after it was projected that he won Ohio. He is expected to give his victory speech soon in Chicago.
Update 11:00 p.m.: President Obama is the projected winner of Minnesota, Iowa and New Mexico, according to ABC. CBS is also predicting an Obama victory in Nevada. Romney is expected to win Arizona, Missouri and Louisiana, says CNN, while The New York Times calls Virginia and Florida "tight races." NBC reports that Democrats currently have 45 Senate seats, with 43 going to Republicans and 2 to Independents.
Update 10:30 p.m.: CNN is projecting that it appears to be statistically impossible for the Republicans to take control of the Senate, meaning that it will be a divided Congress since the House will be Republican-controlled. President Obama is leading by a very small margin of 1 percent in Florida, with 87 percent of the votes counted. CNN has the current electoral votes at 158 for Romney and 147 for Obama. ABC and Fox News are predicting Obama has won Wisconsin.
Update 9:45 p.m.: President Obama wins Pennsylvania, snagging 20 additional electoral votes and raising his electoral college total to 143 votes, CNN reports. African-American voter turnout is said to have greatly impacted the outcome in Pennsylvania.
Update 9:00 p.m.: Mitt Romney is showing wins in Kansas, Louisiana, Nebraska, North Dakota, South Dakota, Texas, Wyoming, Mississippi and Alabama. President Obama picked up additional wins in Michigan, New York and New Jersey. Romney is leading in electoral votes, holding 152 votes to Obama's 123, according to Associated Press and CNN reports.
Several states that have closed are still too close to call. Ohio, a hotly contested state carrying 20 electoral votes, closed at 7:30 p.m., however, a winner has not been projected.
Update 8:30 p.m.: Mitt Romney picked up wins in Arkansas, Tennessee, Indiana and Oklahoma. Romney is leading in electoral votes, holding 73 votes to Obama's 64, according to Associated Press and CNN reports.
Update: 8:09 p.m.: President Obama has been declared the winner of Connecticut, Delaware, District of Columbia, Illinois, Maine, Maryland, Massachusetts and Rhode Island. Romney takes Oklahoma, according to the Associated Press.
The first round of polls closed at 7 p.m. ET, and the numbers are slowly starting to trickle in. President Obama has been declared the winner of Vermont, and Republican nominee Mitt Romney takes Kentucky and West Virginia, according to the Associated Press.
BET Politics - Your source for the latest news, photos and videos illuminating key issues and personalities in African-American political life, plus commentary from some of our liveliest voices. Click here to subscribe to our newsletter.