For the second straight presidential election, it was a disappointing night for the Republican Party, as Mitt Romney came up short in his bid to seize the presidency from Barack Obama.

Karl Rove was back this morning on Fox and Friends to discuss where it went wrong for Mitt Romney and what the Republican Party can do to win votes among President Obama's key demographic groups - women, young people and minorities.

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Rove, who predicted victory for Romney and was reluctant last night to call the race for Obama, said the makeup of the electorate looked very similar to 2008, when Obama handily defeated Sen. John McCain.

"Obama kept the coalition that he had in 2008, only it was a little bit smaller. This will be the first president re-elected to a second term with a smaller percentage of the vote than he got in the first term," Rove pointed out.

So how will Republicans bridge the gap with those segments of the electorate?

"We have to do a better job of making our case about the economy," he said, explaining that the country faces a fiscal crisis, high unemployment, slow growth, and "unsustainable" amounts of debt. He said the GOP needs to sell Americans on the "necessary reforms to put our fiscal house in order."

Watch the interview:

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