Republicans are doing some soul searching after being defeated by the Democratic Party on Tuesday.

Mitt Romney lost the race to the White House around midnight when it became clear that President Barack Obama was safely re-elected to the white house.

A crowd of sad, angry and inebriated republican donors are now left to wonder how Romney could have lost the election that cost them so much and seemed within reach just one week ago.

One of Romney's most senior advises took a deep breath after watching the republican nominee concede and said, "We were this close."

"This close," he said.

According to CNN, Romney lost embarrassingly among young people, African-Americans and Hispanics. This became a harsh reminder for Republicans that their party is ideologically out of sync with the fast-growing diverse population in the country.

Obama beat Romney among Hispanic voters by 44 points, a margin of victory that gave the president victories in Nevada, Colorado and probably Florida.

This sudden surprise to republicans alarmed them to figure out how to get the attention of the group they failed to gain votes from.

"Latinos were disillusioned with Barack Obama, but they are absolutely terrified by the idea of Mitt Romney," GOP fundraiser Ana Navarro said.

According to Forbes, one of Romney's mistakes was on taxes. He failed to explain his plan in the debates and retreated from the idea that the 1 percent boost the economy, rather than drag it down.

Forbes opinion editor said Romney "had the wrong people whispering in his ear about economic policy."

Romney's top aides and republican heavyweights gave other reasons for their loss.

They blamed several factors that were, in some ways, beyond their control. Many campaign aides pointed their fingers at Hurricane Sandy, the Superstorm that lashed the east coast in late October.

Romney's aides claim the hybrid storm consumed news coverage for what was supposed to be the final full week of campaigning.

Another factor was the Democrats' strong ground game. The party confidently combined their efforts to find, persuade and turn out voters. Their strategy, according to CNN, was devastatingly better than anything their rivals had to offer.