Who won Election 2012: After Obama presidential election win, Newt Gingrich says 'I was wrong'

Former House Speaker Newt Gingrich, who predicted Mitt Romney would win the presidential election in a clear victory, conceded Wednesday morning that his expectations were off.

"I was wrong," Gingrich said on CNN's "Starting Point with Soledad O'Brien."

The former presidential candidate, who at one time ran as a fierce opponent against Romney in the GOP primary, said the president had a "very effective campaign." He also argued Republican leaders and GOP political observers were not in tune with what the population at large was seeking in a president.

"I think the country was looking at a different set of things than we were looking at," he said. "Republicans are going to have to take a very serious look at what happened and why did it happen and why were we not more competitive at the presidential level."

Handicapping the race, Gingrich had previously said Romney would get 53% of the popular vote and 300 or more electoral votes.

"This is a very serious moment," he argued. "Those of us who are Republican activists and some of the supposedly best analysts on our side in the conservative movement were just wrong. We have to think about what does that teach us."

He argued the GOP could work on becoming more inclusive--a challenge, he said, that House Republicans especially face. "The question is do they want to, in a disciplined way, create a schedule and a program and include people who are not traditionally Republican?"

"The difference between outreach and inclusion is outreach is when five white guys have a meeting and call you," he continued. "Inclusion is when you're in the meeting."

But Gingrich cautioned "Barack Obama's majority is as far as the White House" and said Republicans and Democrats still had to put forth an "immense amount of mutual effort" to work together.

As for the future of the party, the former speaker said 2016 will likely be a time for a "next generation" of Republicans, pointing to several GOP governors, whom he said do a "better job of solving problems."