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Republican presidential candidate and former Massachusetts Gov. Mitt Romney arrives to his election night rally, Wednesday, Nov. 7, 2012, in Boston. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/David Goldman)

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Romney: 'This is a time of great challenges'

Republican Mitt Romney conceded defeat in the presidential contest early Wednesday, saying the nation had chosen Barack Obama to remain president for another term and that it was time for the nation to unite behind him.

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