Watch Live: Romney Concedes Defeat

Watch Live: Romney Concedes Defeat

He's been running for office ever since he left the Massachusetts governorship in 2007 but tonight he announces his defeat to President Obama. Mitt Romney, who told reporters earlier today he hadn't written a concession speech, apparently had to draft one up last-minute, as his limited pathways to 270 electoral votes failed him tonight. CBS News and CNN reports that Romney has already conceded defeat to Obama over the phone during a "short, polite conversation." Watch the speech below:

RELATED: Will Obama Crush GOP Rivals in the 2012 Money Race?

Stream videos at Ustream

RELATED: Gingrich and Romney Can't Get This Race Started