"You always have two speeches prepared because you can't take anything for granted," Obama told FOX31.
"It is an extraordinary privilege to serve the people, whatever the office. I have served as a state senator, a US senator and now as the president," he said.
"And each and every time I've been reminded that it is the people where power ultimately resides; and I'm their representative, I'm their servant," he added.
According to Politico, preparing both a concession speech and a victory speech is,
Romney, however, said that he had only prepared one speech.
He had finished his draft victory speech while on a flight from Pittsburgh to his hometown of Boston. "I just finished writing a victory speech," Politico quoted Romney, as saying.
"It's about 1,118 words. And, uh, I'm sure it will change before I'm finished, because I haven't passed it around to my family and friends and advisors to get their reaction, but I've only written one speech at this point," he added.
Image: US President Barack Obama gives his election night victory speech in Chicago on November 7 | Photograph: Jason Reed/Reuters