Limbaugh
A dispute over ad revenue may lead to the end of Rush Limbaugh's relationship with Cumulus Media. Reuters

Rush Limbaugh, the outspoken conservative radio host, was devastated by President Barack Obama’s re-election, the Huffington Post reported.

[Click here to hear the quotes from Rush Limbaugh’s radio show]

Limbaugh said GOP challenger Mitt Romney embodied "traditional" values of hard work, which were rejected. "In a country of children where the option is Santa Claus or work, what wins?"

"Small things beat big things yesterday," he said Wednesday on "The Rush Limbaugh Radio Show." "Conservatism ... did not lose last night ... it is practically impossible to beat Santa Claus. People are not going to vote against Santa Claus, especially if the alternative is being your own Santa Claus."

By blaming "Santa Claus,” Limbaugh was invoking the standard conservative argument that liberal government programs breed dependency.

Romney, he said, "may have not been the most optimal candidate, but he's a fine man. He would have been great for this country."

Limbaugh rejected the idea that the GOP has become too white and insular.

"We have plenty of highly achieved minorities in our party!" he declared.

Limbaugh said the exit poll data caused him great concern.

"I went to bed last night thinking, 'we're outnumbered,'" he said. "I went to bed last night thinking we'd lost the country. I don't know how else you look at this. The first wave of exit polls came in at five o'clock. I looked at it, and I said ... 'this is utter BS, and if it isn't, then we've lost the country.'"