He's been running for office ever since he left the Massachusetts governorship in 2007 but tonight he announced his defeat to President Obama. Mitt Romney, who told reporters earlier today he hadn't written a concession speech, apparently had to draft one up last-minute, as his limited pathways to 270 electoral votes failed him tonight. CBS News and CNN reports that Romney has already conceded defeat to Obama over the phone during a "short, polite conversation." Watch the speech below:

Romney began by thanking his staff and supporters, saying "thanks for all the hours of work ... for the resources and the prayers." He condemned political posturing and bickering, and projected a solemn note. "I believe in America. I believe in the people of America. And I ran for office because I'm concerned for America." He added that he and Paul Ryan gave it all on the campaign and asked the public to pray for the president. "Anne and I join you to earnestly pray for him and this great nation." The speech was short and rather sobering, as all concession speeches pretty much necessitate. Reacting to the remarks, New York Times columnist David Brooks noted, "I get the sense that they hadn't prepared for it."