Senator Barack Obama has been elected the 44th President of the United States, according to projections by NBC News, reports MSNBC.

He makes history by becoming the first African-American to be elected to this office. He currently holds 333 electoral votes, far more than the 270 needed to win the Presidency. A handful of states have yet to be called.

Senator John McCain is delivering his concession speech in Phoenix at this moment.

Senator Obama is expected to shortly address a growing crowd at Grant Park in Chicago, where a crowd of 100,000 is gathered in celebration.

Congratulations Senator Obama and running mate Senator Joe Biden!

Update: President-Elect Barack Obama’s Acceptance Speech (Full Text)

Update: John McCain’s Concession Speech from Phoenix (Full Text)

Related: John McCain’s 5 Biggest Campaign Blunders

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