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The new president-elect told McCain that he was eager to sit down and talk about how the two of them can work together. "I need your help, you're a leader on so many important issues," Obama told McCain.

In his victory speech to the nation, Obama said, "I just received a very gracious call from Senator McCain. ... I congratulate him and Governor Palin for all they have achieved, and I look forward to working with them to renew this nation's promise in the months ahead."

McCain urged his supporters to "join me in not just congratulating [Obama], but offering our next president our good will and earnest effort to find ways to come together to find the necessary compromises to bridge our differences and help restore our prosperity, defend our security in a dangerous world, and leave our children and grandchildren a stronger, better country than we inherited."

About 125,000 Obama supporters gathered in Grant Park for a celebration rally Tuesday evening.

Chicago resident Nakiva Day said she supported Obama for his stance on specific issues and was attending the rally for its historic importance.

"I'm here for history," she said.

Day said she didn't vote for Obama because he was black, but hoped he would serve to inspire the African-American community.

"Obama will lift blacks up as a people. He will stop black on black hostility. I didn't vote for him because he's black but I know he will lift us up."

Obama took the stage to deliver his acceptance speech as the crowd erupted in applause.

Obama thanked the crowd, saying the victory truly belonged to the people, but also warned there was a lot of work to do in the coming years.

"What began 21 months ago in the depths of winter must not end on this autumn night," he said. "This victory alone is not the change we seek -- it is only the chance for us to make that change. And that cannot happen if we go back to the way things were. It cannot happen without you.

Obama hailed the election as a turning point in the nation's history and called upon his supporters and those who did not vote for him to come together to rebuild the country.

"The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America -- I have never been more hopeful than I am tonight that we will get there. I promise you -- we as a people will get there," Obama said in Chicago, Illinois.

Police estimated that 125,000 people gathered in Grant Park to hear Obama claim victory.

Obama said he was looking forward to working with Sen. John McCain and Gov. Sarah Palin "to renew this nation's promise in the months ahead."

Bush told Obama he was about to begin one of the great journeys of his life, and invited him to visit the White House as soon as it could be arranged, according to White House spokeswoman Dana Perino.

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

Supporters in Chicago cheering, "Yes, we can" were met with cries of "Yes, we did."

More than 1,000 people gathered outside of the White House, chanting, "Obama, Obama!"

"This was a long and hard fought campaign but the result was well worth the wait. Together, under the leadership of President Barack Obama, Vice President Joe Biden, and a Democratic Congress, we will chart a better course to build a new economy and rebuild our leadership in the world."

The Illinois senator is projected to pick up a big win in Virginia, a state that hasn't voted for a Democratic president since 1964.

Obama also is projected to beat McCain in Ohio, a battleground state that was considered a must-win for the Republican candidate.