Republican John McCain has accepted the victory of Democrat Barack Obama in the US presidential election, and has congratulated him on his win. Though he conceded the presidential race to Obama before a crowd of supporters in Phoenix, Arizona on Tuesday, McCain appeared unable to overcome the crushing twin burdens of President Bush's unpopularity and the tarnished GOP image.

While current and former McCain aides had stressed the long odds that the Republican faced, they continued to profess their conviction that he could pull off another stunner similar to his startling resurrection in the primaries. However, that was not to be!

The Arizona senator said to his supporters: "The American people have spoken and they have spoken clearly." He added: "A little while ago, I had the honor of calling Senator Barack Obama to congratulate him - to congratulate him on being elected the next president of the country that we both love."

McCain also said that in a contest as long and difficult as the 2008 campaign, Obama's success itself commands respect for his ability and his perseverance.

Calling the election a historic one, McCain said: "I recognize the special significance it has for African-Americans and for the special pride that must be theirs tonight."

Not leaving out his running mate, McCain said he was "very thankful" to Governor Sarah Palin, who had been one of the best campaigners, and is an impressive new voice in the Republican party for reform and the principles that have been the party's greatest strength.

McCain also said: "Tonight, more than any night, I hold in my heart nothing but love for this country and for all its citizens, whether they supported me or Sen. Obama."