Washington, Nov 5 (IANS) Within minutes of TV networks projecting Democrat Barack Obama as the next president of the United States, Republican rival John McCain conceded defeat and vowed to help Obama lead the nation through its challenges.”I pledge to him tonight to do all in my power to help him lead us through the many challenges we face,” said McCain before his supporters in Phoenix, Arizona urging all Americans to join him in congratulating Obama.

McCain’s running mate, Alaska Governor Sarah Palin, was standing with him, but she did not speak, CNN said.

Obama’s former rival for the Democratic nomination, Hillary Clinton said in a statement that “we are celebrating an historic victory for the American people”.

“This was a long and hard fought campaign but the result was well worth the wait. Together, under the leadership of President Barack Obama, Vice President Joe Biden, and a Democratic Congress, we will chart a better course to build a new economy and rebuild our leadership in the world,” she said.