President Obama held a press conference today in the aftermath of Election Day, in which the Republican Party regained control of the Senate, addressing a number of topics.

Check out Fox News Insider's live updates below, with some instant reaction from Twitter. 

UPDATE, 2:59p ET: Obama said he had spoken with Sen. John Boehner and congratulated Sen. Mitch McConnell, and he looks forward to working together over the next two years.

"Obviously Republicans had a good night and they deserve credit for running good campaigns."

"What stands to me though is that the American people sent a message ... They expect the people they elect to focus on their ambitions and not ours. They expect us to get the job done, all of us, from both parties."

UPDATE, 3:05p ET: The president offered his ideas for areas where Democrats and Republicans can cooperate over the next two years, including the need to create more jobs that pay well, improving infrastructure, working on tax reform that closes loopholes, growing exports and helping more young people afford college.

UPDATE, 3:07p ET: Obama said that getting funding for troops to combat Ebola and a military force to battle ISIS are important issues to work on over the next few weeks.

"It's time for us to take care of business."

UPDATE, 3:13p ET: Julie Pace with The Associated Press noted last night was devastating for Democrats and asked what changes Obama needs to make in dealing with Republicans now that they control the Senate.

He answered the key is to make sure that the ideas he has overlap somewhere with Republicans, even though it's not going to be a perfect overlap.

UPDATE, 3:17p ET: Obama was asked if this election affects his planned immigration reform.

The president answered he's consistently said he wanted to see Congress act on a comprehensive immigration bill that would streamline borders and give the opportunity for folks who've lived here for very long time illegally to become legal.

UPDATE, 3:21p ET: "By almost every measure, we're better off economically than when I took office, but people are also out there hurting."

UPDATE, 3:25p ET: "I feel obliged to do everything I can lawfully with my executive authority to make sure that we don't keep on making the system worse, but that whatever executive actions I take will be replaced and supplanted by action from Congress. You send me a bill that I can sign and those executive actions go away."

UPDATE, 3:31p ET: Obama was asked about U.S. relations and replied that because of unprecedented sanctions, Iran has come to table and negotiated seriously about not developing nuclear weapon for first time.

Negotiations have been constructive and we've provided framework for peaceful energy needs, and whether or not a deal will be reached will be determined over the next 3 or 4 weeks.

UPDATE, 3:35p ET: Fox News' Ed Henry asked Obama in the aftermath of setbacks in the fight against ISIS, is the U.S. winning?

"It's too early to say whether we are winning," Obama said, noting that it's a long-term plan to battle the terror group.

UPDATE, 3:38p ET: Obama reiterated that our first focus is to drive ISIS out of Iraq.

UPDATE, 3:41p ET: "My number one goal is to deliver as much as I can for the American people in my last two years in office."

UPDATE, 3:45p ET: The president said he is open to any changes that can benefit ObamaCare, but he won't repeal it or do anything to take any health insurance from 10 million people who gained it under ObamaCare.

UPDATE, 3:51p ET: Obama said if there is any great eagerness on the part of Republicans to tackle a broken immigration system, they have every opportunity to do it.

His executive actions not only do not stand in the GOP's way, they should spur them to get something done. Obama said he is prepared to engage in every step of way.

UPDATE, 3:59p ET: Jim Acosta with CNN said it is a fact that Obama's party rejected him and did not want him on the campaign trail, so how does he account for that?

Obama said it's a privilege to be in charge of the most important organization on the planet, the U.S. government, and there's lot of work to be done to make it work better.

UPDATE, 3:57p ET: "We are closer to energy independence than we've ever been before, or at least decades."

UPDATE, 4:02p ET: "I'm going to be busy for the next two years. And the one thing I want the American people to be confident about is that every day I'm going to be filling up my time trying to figure out how I can make their lives better. And if I'm doing that, at the end of my presidency I'll say we played that fourth quarter well."

"The only difference between basketball and politics is the only score that matters is how did somebody else do?"

UPDATE, 4:06p ET: Obama said one area that he and his team are constantly trying to improve is making sure Americans know what his administration accomplished and is trying to accomplish.

UPDATE, 4:08p ET: He said that he's optimistic about America, despite the mood across the country. Our economy and energy are better than most anybody's, our deficit has been slashed by half, more people have health insurance, businesses have their strongest balance sheets in decades, more young people - particularly women - are graduating high school and college and entering the workforce.

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