The race is on.

On Thursday night, President Barack Obama accepted the Democratic Party’s…The race is on.

On Thursday night, President Barack Obama accepted the Democratic Party’s nomination to represent the group in the upcoming presidential election. With the Republicans having officially named Mitt Romney as their presidential candidate last week, the stage is now set to determine who will occupy the White House next year. Rep. Paul Ryan of Wisconsin is running alongside Romney for vice president.

In accepting the nomination, Obama focused much of his speech on the economy, admitting to the audience gathered inside the Time Warner Cable Arena in Charlotte, N.C., that a solution to the country’s economic struggles won’t prove simple.

“You didn’t elect me to tell you what you wanted to hear. You elected me to tell you the truth. And the truth is, it will take more than a few years for us to solve challenges that have built up over decades,” he said.

At the end of his speech, Obama stated that his party’s plan for the next four years will “lead to new jobs, more opportunity, and rebuild this economy on a stronger foundation.”

“That’s what we can do in the next four years, and that’s why I’m running for a second term as president of the United States,” Obama said.

Vice President Joe Biden introduced Obama, with much of his speech also focusing on jobs and education.

“Look, President Obama knows that creating jobs in America, keeping jobs in America and bringing jobs back to America is what being president is all about,” he said.

Polls show that the election will be a tight race between the two candidates.