CBNNews.com - WASHINGTON -- John McCain conceded his bid to be president Tuesday night among friends and family in his home state of Arizona.
But across the country, Republicans faced losses in key elections that gave Democrats bigger majorities in the U.S. House and Senate.
Before a large audience at the Arizona Biltmore Hotel in Phoenix, McCain pledged to persevere as a servant of the country, calling his campaign the "great honor of his life." He said he had no regrets.
"My friends we have come to the end of a long journey," the Arizona senator said. "The American people have spoken and spoken clearly." Click here to watch McCain's entire concession speech.
With grace and strength, McCain urged disappointed supporters to offer Obama their help in dealing with the challenges of the economy.
"Whatever our differences, we are fellow Americans," McCain told his supporters. "Please believe me when I say, no association ever meant more to me than that."
McCain also thanked his wife and family and also acknowledged his tearful running mate, Alaska Governor Sarah Palin.
"We can all look forward to her future service to Alaska, the Republican Party and our country," McCain said.
Voters Oust GOP Senators, Representatives
Meanwhile, voters across the country dealt the Republican Party a major blow, ousting Senate Republicans in New Hampshire and North Carolina, where Senator Elizabeth Dole lost her bid to serve a second term.
"I have done my level best to make you proud," Dole told an assembled crowd of supporters.
Democrats also picked up several seats left vacant by retiring Republicans, like John Warner's Senate seat in Virginia. Mark Warner, a former governor of the state and no relation to the retiring senator, easily won the Commonwealth's seat defeating Republican Jack Gilmore, another former Virginia governor.
"Thank you. God bless you," Warner told his supporters at this headquarters. "God bless America and the Commonwealth of Virginia. Thank you all!"
However, Democrats fell short of their goal of attaining 60 Senate seats to secure a filibuster-proof supermajority.
Democrats also padded their majority in the House, taking 21 GOP seats. Republicans won only four.