Bubble boys

"We went into the evening confident we had a good path to victory," said one senior adviser. "I don't think there was one person who saw this coming."

They just couldn't believe they had been so wrong. And maybe they weren't: There was Karl Rove on Fox saying Ohio wasn't settled, so campaign aides decided to wait. They didn't want to have to withdraw their concession, like Al Gore did in 2000, and they thought maybe the suburbs of Columbus and Cincinnati, which hadn't been reported, could make a difference.

Big GOP donors see small return on investment
2012 Election results
But then came Colorado for the president and Florida also was looking tougher than anyone had imagined.

"We just felt, 'where's our path?'" said a senior adviser. "There wasn't one."

Romney then said what they knew: it was over.

His personal assistant, Garrett Jackson, called his counterpart on Mr. Obama's staff, Marvin Nicholson. "Is your boss available?" Jackson asked.

Romney was stoic as he talked the president, an aide said, but his wife Ann cried. Running mate Paul Ryan seemed genuinely shocked, the adviser said. Ryan's wife Janna also was shaken and cried softly.

"There's nothing worse than when you think you're going to win, and you don't," said another adviser. "It was like a sucker punch."

Their emotion was visible on their faces when they walked on stage after Romney finished his remarks, which Romney had hastily composed, knowing he had to say something.

Both wives looked stricken, and Ryan himself seemed grim. They all were thrust on that stage without understanding what had just happened.

"He was shellshocked," one adviser said of Romney.