Rep. Michele Bachmann (R-Minn.), founder of the Tea Party Caucus and an unsuccessful candidate for the GOP presidential nomination, hung on to her House seat by narrowly defeating challenger Jim Graves.

Rep. MicheleBachmann watches election results at the Republican Party of Minnesota Election Night Party, Tuesday, Nov. 6, 2012, at the Hilton Minneapolis Bloomington in Bloomington, Minn. (Glen Stubbe -- Associated Press)

Bachmann, whose controversial statements leading up to the election included accusing President Obama of "apology and appeasement across the globe," was declared the winner by the Associated Press with 98 percent of precincts reporting. She led Graves, a prominent businessman, by just over 3,000 votes out of nearly 350,000 votes cast.

Bachmann released a statement:

“It has truly been an honor and a privilege to represent the people of Minnesota’s Sixth District in Congress, and I am humbled that they have placed their trust in me for another term. I am extremely grateful to my dedicated volunteers for spending countless hours knocking on doors and making phone calls,” said Bachmann. “I pledge to continue to work everyday to create jobs and do everything I can to make life more affordable for Minnesota's families. Our children and grandchildren deserve a future filled with opportunity in a country that is safe and secure, and that’s what I’m fighting for in Washington.”