As the much awaited US presidential election results are out, words of praise are flowing for Barack Obama, who has managed to beat his Republican rival Mitt Romney, thereby becoming the second Democrat to win a second four-year White House term since World War II.

While his win has created history, there is no denial that road is not easy for the man in question, who would have to sort the sticky issue of whether or not, to let reduce tax rates for the wealthiest Americans, which would expire on December 31.

It has been known that president and most Democrats are in favor of raising taxes on those who earn more than $250,000, while Republicans are vouching to widen the current low rates for all income levels. Obama's victory "takes a lot of air out of the room for Republicans", Jim Walsh, a former Republican representative, predicted before the election.

With global economy battling uncertainty for long time, its high expected from the US President to step up his efforts to bring on stability in the financial and business community. Meanwhile, it would be worth seeing how congressional Republicans would react with the results.

While there is a lot Obama would have to do in the time to come, it would be worth seeing how Obama takes on the challenges ahead.