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For better or worse, the financial markets face a little less uncertainty — investors know who's going to be president for the next four years. Steve Inskeep talks to David Wessel, economics editor of The Wall Street Journal, about what the outcome of the presidential election means for the economy and financial markets.

For months, Americans have been watching the presidential political drama play out nightly on the news. Now, with President Obama's victory, that story is ending.

But for the economy, an action thriller is just beginning.

Congress has just weeks to jump to the rescue of an economy moving closer and closer to the so-called fiscal cliff. That phrase refers to a $600 billion cluster of automatic spending cuts and tax hikes — all coming together at year's end.

Winning matters. Having earned a second term, President Obama will attempt to build on and expand the agenda from his first, launching new initiatives on tax policy, education and immigration.

But having won the popular vote by a bare majority — and still facing a divided Congress — Obama may find it difficult to gather momentum for his policies.

Despite the close result in the popular vote nationwide, Obama wasted no time claiming vindication for his ideas. In his victory speech early Wednesday in Chicago, he tied his re-election to two centuries of American progress.

With President Obama's defeat of Mitt Romney, the Republican Party finds itself in the same place it was four years ago — once again coming up short in its attempt to win the most powerful office in American democracy.

It faces the inevitable soul-searching the losing party undergoes, to greater or lesser degrees, after every contest for the one office whose occupant represents the entire nation.

And how the GOP reacts could help determine its fortunes in 2016.

In a highly polarized electorate, there's not a lot of room for third-party candidates to make a strong showing. Still, minor parties did see some bright spots on Tuesday.

Maine elected an independent to the Senate, former Gov. Angus King, while Vermont re-elected its independent senator, Bernard Sanders.

Both those victories may have been "idiosyncratic," says Cary Covington, a University of Iowa political scientist, having more to do with the personal popularity of the candidates than pointing to any wider desire for independent candidates.

Voters in North Carolina put a Republican in their governor's office for the first time in two decades, and New Hampshire elected a new female Democratic governor.

But the closely watched tossup races in Montana and Washington, where Democrats currently serve as governors, remained too close to call late Tuesday.

Eight of the gubernatorial seats up for grabs are now held by Democrats; three are in Republican hands. Republicans currently hold 29 governorships, Democrats have 20, and Rhode Island Gov. Lincoln Chafee is an independent.

Supporters of President Obama partied outside the White House on Wednesday morning, chanting "Four More Years!" and "U-S-A!" — and singing off-tune renditions of The Star-Spangled Banner.

"I knew I'd be coming here. I just didn't know whether I'd be coming to protest or to celebrate," said AnaLysa Sawyers, 38, a teacher from Maryland.

Transcript of President Obama's victory speech in Chicago. Source: Federal News Service

Editor's Note: NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future.

(Cheers, applause.)

AUDIENCE MEMBERS: (Chanting.) Four more years! Four more years! Four more years! Four more years! Four more years! Four more years! Four more years! Four more years!

Exit polls showed the economy was Issue No. 1 with voters in this presidential election. And it didn't take long for labor organizers and business leaders to start offering their thoughts on the re-election of President Obama.

Because of White House policies, the U.S. economy is "beginning to pick up steam," AFL-CIO President Richard Trumka said in a statement. He cheered Obama's win and put congressional Republicans on notice that Democrats will focus on "ending the Bush tax cuts for the rich and opposing any cuts to Social Security, Medicare, or Medicaid benefits."