"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, before an estimated crowd of up to 240,000 people.
With Obama's projected win, he will become the first African-American to win the White House.
Obama had an overwhelming victory over Sen. John McCain, who pledged Tuesday night to help Obama lead.
"Today, I was a candidate for the highest office in the country I love so much, and tonight, I remain her servant," McCain said.
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