Obama calls for swift action on economy

(AP) - President-elect Obama said Friday that the country is facing the greatest economic challenge of our lifetimeand "we're going to have to act swiftly

CHICAGO - (AP) - President-elect Obama said Friday that the country is facing the greatest economic challenge of our lifetimeand "we're going to have to act swiftly to resolve it."

Click here to view Obama?s news conference

However in his first news conference since winning thepresidency Tuesday, Obama deferred to President Bush and hiseconomic team, noting that the country has only one government andone president at a time.

He said the Congress needs to pass an economic stimulus measureeither before or just after he takes office in January.

But, he said, "immediately after I become president I willconfront this economic crisis head-on by taking all necessary stepsto ease the credit crisis, help hardworking families, and restoregrowth and prosperity."

"I'm confident a new president can have an enormous impact,"he added.

The president-elect spoke after he and Vice President-elect JoeBiden met privately with economic experts to discuss ways tostabilize the troubled economy.

More evidence of a recession came Friday when the governmentreported that the unemployment rate had jumped from 6.1 percent inSeptember to 6.5 percent in October. Despite dour third-quarterreports from Ford and General Motors, stocks rose some after twodays of heavy losses.

Obama's transition to power and early days in office, if not theentire first year of his presidency, almost certainly will bedevoted to finding ways to remedy dismal economic conditions. Theeconomy was the top concern of voters demanding a new direction asthey ushered into office the Democrat who promised change aftereight years of Bush's policies.

On other topics:

He said he will review a letter from Iran's leader but refrainedfrom directly responding to it. It's not something "that we shouldsimply do in a knee-jerk fashion," he said.

"We only have one president at a time," Obama said, addingthat he wants to be careful to send the signal to the world that"I'm not the president and I won't be until Jan. 20."

advertisement | advertise on News 12

Trending Video

News 12 The Bronx hit the streets to 1 Word on the Street: People who take selfies
Tips to stay commited to your fitness resolution 2 Tips to stay committed to your fitness resolution
Puerto Ricans in one Bronx community officially wrapped 3 Puerto Ricans wrap up holiday season in Kingsbridge
A 17-year-old boy was shot in the hand 4 Police: Teen shot after argument in the Bronx
Isaiah Williams is currently in the hospital recovering 5 Man recovering after deadly Boston Road crash

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE