Television networks projected that President Barack Obama won re-election as US 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.

Photo taken on Oct 25, 2012 shows that US President Barack Obama holds his Early Voting Ballot Receipt at a polling station in Chicago, the United States. Barack Obama wins US presidential election. [Photo/Xinhua]

US President Barack Obama supporters cheer while watching the returns prior to his election night rally in Chicago, Nov 6, 2012. [Photo/Agencies]