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Networks project Obama wins re-election as president

Television networks projected that President Barack Obama won re-election as U.S. president over Republican Mitt Romney in Tuesday's election despite a sluggish economy and high unemployment.

Obama rode signature first-term accomplishments including the auto industry bailout and the killing of 9/11 terrorist attack mastermind Osama bin Laden to another four years in the White House. His victory ensures continued implementation of signature health care and financial sector reform laws and could bring higher taxes for the wealthy as part of deficit-cutting efforts.

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