"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, of course, traditional, but Obama has indicated in multiple interviews that he doesn't believe he will need to give the former.
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