UPDATE-2: Obama wins Ohio, re-elected as president

Despite an unemployment rate hovering around 8 percent and a scandal surrounding the death of a U.S. ambassador in Libya, President Obama won re-election Tuesday, fending off a challenge from former Massachusetts Gov. Mitt Romney, Fox News reported.

According to Fox News, Obama picked up 50 percent of the vote in the Buckeye State, but won by less than 50,000 votes, based on 85 percent of precincts reporting. By about 11:20 p.m., Romney was still leading in the popular vote nationally, but Obama had already picked up the more than 270 electoral votes needed to retake the White House.

Romney surged in recent weeks, and polls suggested he might win a number of key swing states, including Ohio, New Hampshire and Florida. However, Ohio and New Hampshire went for Obama while Florida remained too close to call.

On Fox News, Juan Williams suggested voters still blame former President George W. Bush for the economy, a sentiment that might have helped propel Obama to victory.