Rio de Janeiro Selected to Host 2016 Olympics

The International Olympic Committee has selected Rio de Janeiro, Brazil to host the 2016 Summer Olympic Games, they announced Friday.

Rio de Janeiro budgeted $14.4 billion for the event. It is the first time South America will host an Olympic event.

The city was selected out of Chicago, Illinois; Tokyo, Japan; and Madrid, Spain.

On Friday morning, President Obama urged the IOC to pick his hometown of Chicago. “Chicago is a place where we strive to celebrate what makes us different, just as we celebrate what we have in common," Obama said.

The IOC cast their votes Friday and Rio de Janeiro received the majority.

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