For a second time, Barack Obama named Time Person of the Year
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Time said Obama has a slew of "overwhelming challenges" waiting for him as he enters his second term at the White House.
Deadlocked fiscal-cliff talks, years of high unemployment and political and economic unrest in places Syria, Egypt and Europe will test Obama's second-term presidency.
However, as America undergoes significant cultural and demographic changes, as was evident by the voting turnout in the November Presidential elections, Time said "Obama is the 21st century version of this new American".
"We are in the midst of historic cultural and demographic changes, and Barack Obama is both the symbol and in some ways the architect of this new America... He's more than just a political figure; he's a cultural one," who became the first President to embrace gay marriage and to offer work permits to many young undocumented immigrants.
"If his win in 2008 was extraordinary, then 2012 is confirmation that demographic change is here to stay," Time said.
Time added that after four of the most challenging years in the nation's history, Obama's "chance to leave office as a great President who was able to face crises and build a new majority coalition remains within reach."
Obama is the first Democratic President since Franklin Roosevelt to win more than 50 per cent of vote in consecutive elections and the first President since 1940 to win re-election with an unemployment rate of over 7.5 per cent.
When he takes the presidential oath on January 20, Obama would be the first Democrat in more than 75 years to get a majority of the popular vote twice.
After the 2012 presidential election, Obama started working on a "40,000-foot" list of "immediate goals" he would like to tackle in his second term. These include immigration reform, fiscal deficit, climate change, early childhood education, college costs, electoral reform.