Former President Barack Obama congratulated Vice President Kamala Harris and Minnesota Gov. Tim Walz, who both "ran a remarkable campaign," in a Wednesday statement.

“This is obviously not the outcome we had hoped for, given our disagreements with the Republican ticket on a whole host of issues,” Obama said in a joint statement with his wife, Michelle Obama. “But living in a democracy is about recognizing that one point of view won't always win out, and being willing to accept the peaceful transfer of power.”

Issues like the COVID-19 pandemic and economic struggles for voters created "headwinds for Democratic incumbents in recent years," Obama said.

“And last night showed that America is not immune,” he said.

“In a country as big as ours, we won't always see eye-to-eye on everything,” he added. “But progress requires us to extend good faith and grace – even to people with whom we deeply disagree.”