Update: Romney gave his concession speech at 12:55 a.m. on Wednesday, saying that he called Obama to wish him luck in his second term. It was a 5 minute speech.

President Obama is the next president of the United States, after defeating Mitt Romney by a resounding margin on Tuesday night to win a second term in office. Now, onlookers at the Romney camp are awaiting a concession speech from their candidate, expected to come as soon as the results in Ohio are completely final. The results will show that Obama won Ohio, along with nearly all the major swing states, with the exception of North Carolina.

Mitt Romney and the Republicans had a very difficult evening, and will likely spend the next several months doing some internal soul-searching as to why the Republicans lost so resoundingly, nearly across the board, in the House and Senate, in addition to the presidency. In nearly all the key races in Congress, including Elizabeth Warren, Claire McCaskill, and Tim Kaine, Democrats came out victorious.

The mood from Romney camp is sullen, with onlookers looking depressed, anguished, and most of all, left to wonder what they could have done differently in order to take away a victory. Romney ran a campaign on his ability to manage the economy. But, exit polls on election day show that the majority of voters believed that President Obama, not Romney, would do a better job handling the economy. This undermined the very centerpiece of Romney's campaign.

President Obama is scheduled to address his supporters in Chicago with an acceptance speech. To watch it live, see here. 

PolicyMic will be covering Romney's concession speech live. We'll bring it to you streaming live below shortly.