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Obama to tackle economy 'head-on' Obama to tackle economy 'head-on'
(30 minutes later)
US President-elect Barack Obama has pledged to confront the economic crisis "head-on" immediately after taking office in January. US President-elect Barack Obama has pledged to confront the economic crisis immediately after taking office.
In his first news conference since his election victory, he promised a "rescue plan for the middle class". In his first official appearance since his election victory, he promised to tackle the problem "head-on" with a "rescue plan for the middle class".
He was joined by Vice President-elect Joe Biden as they met members of the media in a Chicago hotel. He said a stimulus package to boost the economy was long overdue.
Speaking at a Chicago news conference, he said: "It's not going to be quick and it's not going to be easy to dig ourselves out of the hole we are in."
He added: "But America is a strong and resilient country and I know that we will succeed if we put aside partisanship and politics to work together."
It was his first news conference since he convincingly beat Republican John McCain in Tuesday's election to become America's first black president.
Mr Obama was joined by Vice President-elect Joe Biden in the Chicago hotel venue.
Before the news conference, the pair held talks with a 17-member council of economic advisers.Before the news conference, the pair held talks with a 17-member council of economic advisers.
WHAT HAPPENS NEXT 9 Dec: Deadline for states to resolve issues such as recounts or challenges15 Dec: Electoral college electors meet in each state to formally cast their votes6 Jan: Joint session of Congress to count electoral college votesBefore 20 Jan: Barack Obama and Joe Biden must resign from the Senate20 Jan: Inauguration day Transition timetableProfile: Rahm EmanuelObama's top economic contendersObama shapes team
He promised to initiate a rescue plan to help middle class families, create jobs and provide tax relief for those struggling to pay their bills.
He said a stimulus package to boost needed to be passed before or immediately after his inauguration.
It was a high priority, he said, to work on policies to help the stricken US car industry adjust to the economic crisis.
Mr Obama did not make any new personnel announcements.Mr Obama did not make any new personnel announcements.
In his first official appearance since he convincingly beat Republican John McCain in Tuesday's election to become America's first black president, Mr Obama said: "It's not going to be quick and it's not going to be easy to dig ourselves out of the hole we are in. Noting calls for him to pick quickly a treasury secretary, Mr Obama said it was important to make the right appointment, saying: "I want to move with all deliberate haste but I want to emphasise deliberate as well as haste."
"But America is a strong and resilient country and I know that we will succeed if we put aside partisanship and politics to work together as one nation." He made reference to figures from the US labour department on Friday which revealed the economy had shed 240,000 jobs in October, bringing job losses so far this year to 1.2 million. He said the US was facing greatest economic crisis in memory.
Before the news conference, the pair held talks with a 17-member council of economic advisers. There was laughter when Mr Obama asked one journalist, who had her arm in a sling, what had happened and she explained that she had injured herself while running to his election victory speech.
Clinton-era Treasury Secretary Larry Summers and his predecessor, Robert Rubin, as well as Paul Volcker, who was chairman of the Federal Reserve under presidents Jimmy Carter and Ronald Reagan, attended the meeting. Earlier Mr Obama and Mr Biden met economic advisers including Clinton-era Treasury Secretary Larry Summers and his predecessor, Robert Rubin, as well as Paul Volcker, who was chairman of the Federal Reserve under presidents Jimmy Carter and Ronald Reagan.
Google chief executive Eric Schmidt and billionaire investor Warren Buffet joined the talks.Google chief executive Eric Schmidt and billionaire investor Warren Buffet joined the talks.
WHAT HAPPENS NEXT 9 Dec: Deadline for states to resolve issues such as recounts or challenges15 Dec: Electoral college electors meet in each state to formally cast their votes6 Jan: Joint session of Congress to count electoral college votesBefore 20 Jan: Barack Obama and Joe Biden must resign from the Senate20 Jan: Inauguration day class="" href="/1/hi/world/americas/us_elections_2008/7712622.stm">Transition timetable class="" href="/1/hi/world/americas/7702408.stm">Profile: Rahm Emanuel class="" href="/1/hi/business/7713046.stm">Obama's top economic contenders class="" href="/1/hi/world/americas/us_elections_2008/7714512.stm">Obama shapes team BBC North America editor Justin Webb says Mr Obama is under pressure to name a treasury secretary soon, but a lesson of his rise to power has been that he picks his own pace.
Analysts say the president-elect's mind will be focused by figures from the US labour department on Friday which revealed the economy had shed 240,000 jobs in October, bringing job losses so far this year to 1.2 million.
BBC North America editor Justin Webb says Mr Obama is under pressure to name a treasury secretary soon in order to improve confidence in the markets, but a lesson of his rise to power has been that he picks his own pace.
He is said to be considering Mr Summers, Mr Volcker, and Timothy Geithner, president of the New York Federal Reserve Bank.He is said to be considering Mr Summers, Mr Volcker, and Timothy Geithner, president of the New York Federal Reserve Bank.
Mr Obama, who takes office on 20 January, has already appointed as his chief-of-staff combative Illinois congressman Rahm Emanuel, who was once an adviser to President Bill Clinton.Mr Obama, who takes office on 20 January, has already appointed as his chief-of-staff combative Illinois congressman Rahm Emanuel, who was once an adviser to President Bill Clinton.
Obama campaign strategist David Axelrod is expected to become senior White House adviser - a post previously held by Karl Rove under President George W Bush.Obama campaign strategist David Axelrod is expected to become senior White House adviser - a post previously held by Karl Rove under President George W Bush.
Another aide, Robert Gibbs, is expected to become White House press secretary.Another aide, Robert Gibbs, is expected to become White House press secretary.
Mr Obama is also working with Democratic leaders in Congress on plans for two economic stimulus packages.
This reportedly will include tax cuts for low- and middle-income workers, and plans to finance public infrastructure projects, to extend unemployment and food-stamp benefits, and to provide aid to badly affected states and cities.
Mr Obama is due to discuss the economy with President Bush at the White House on Monday. He will not, however, attend the G20 economic summit to be held in Washington next weekend, senior officials have said.Mr Obama is due to discuss the economy with President Bush at the White House on Monday. He will not, however, attend the G20 economic summit to be held in Washington next weekend, senior officials have said.