Breaking News: America's First black president Barack H. Obama is elected!

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Americans placed their faith in Barack Obama today, turning their backs on a past of slavery and segregation and electing the first African-American to the US presidency.

The significance and scale of his victory was recognised today by the outgoing president and commander in chief, George Bush:

"No matter how they cast their ballots, all Americans can be proud of the history that was made yesterday," he said, adding that Obama's "journey represents a triumph of the American story".

Obama, accompanied to the podium in his home city of Chicago by his wife, Michelle, and their two daughters, alluded to the historic nature of his victory.

"If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer."