Tim Kaine learns of Obama's projected win during acceptance speech

Kaine led Allen by 51 to 49 percent with 88 percent of precincts reporting. Allen has conceded the race.

The Senate race was one of the most closely watched — and the most expensive — in the country; Kaine's win is the latest in a series of big Democratic victories in tight Senate races.

Read more on The Hill's Ballot Box blog.