McCain concedes election to Obama

"We have come to the end of a long journey," McCain told supporters at his election headquarters in Phoenix, Arizona. "The American people have spoken and they have spoken clearly."

He urged all Americans to join him in congratulating Sen Barack Obama on his projected victory in the presidential election.

"I pledge to him tonight to do all in my power to help him lead us through the many challenges we face," McCain said before his supporters in Phoenix, Arizona.

"Today, I was a candidate for the highest office in the country I love so much, and tonight, I remain her servant," he said.

McCain's running mate, Gov. Sarah Palin, was standing with him, but she did not speak.

Obama thanked McCain for his graciousness and said he had waged a tough race.

President Bush also called Obama to congratulate him.

With his projected win, Obama will become the nation's 44th president and its first African-American leader.

Obama will address the country from a rally in Chicago, Illinois, at midnight. Supporters in Chicago cheering, "Yes, we can" were met with cries of "Yes, we did."