Incumbent US President Barack Obama has managed to repeat his 2008 victory in the country’s presidential election, according to media projections of the vote tally so far. On Wednesday, all the major US television networks projected that the president would win at least 274 electoral college votes, AFP reported. Republican contender Mitt Romney has so far secured 203. Obama’s narrow victory in Ohio, Wisconsin, Iowa, Pennsylvania, and New Hampshire, where the voting process started out on Tuesday, effectively secured him the 270 electoral votes required to usher in a repeat of his presidential tenure. The victory, which occasioned jubilation in Obama’s hometown of Chicago, makes him the first Democrat to win a second term since Bill Clinton in 1996. Setting record, the electoral campaign cost the country some USD six billion. In the United States, the president is not chosen by popular vote. Presidential elections are managed using an electoral college. Staring the president in the face is the need to tackle the country’s USD-one-trillion annual deficits and USD-16-trillion public debt among other sizeable tasks.