Obama will move immediately on economic crisis

November 9th, 2008 - 2:13 pm ICT by IANS  

Barack ObamaWashington, Nov 9 (DPA) US president-elect Barack Obama has pledged to move toward resolving the country’s financial woes “immediately” after taking office in January, saying the nation was facing its worst economic crisis in a lifetime.Speaking to reporters in Chicago in his first public appearance since winning Tuesday’s election, Obama sought to reassure Americans that he was ready to address the country’s urgent challenges.

“Immediately after I become president, I’m going to confront this economic crisis head on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity,” he said.

Obama said he will introduce economic policies to ease the burden on the middle class, including tax cuts, and extend unemployment benefits. He also said his top priority will be to enact an economic stimulus package to boost the economy if it has not already been completed under the current administration.

“We are facing the greatest economic challenge of our lifetime, and we’re going to have to act swiftly to resolve it,” Obama said.

The next president did not announce any cabinet positions. It is widely expected that he will first name a secretary of the Treasury Department to begin plans for managing the economy.

Obama held a lengthy meeting with a team of economic advisors before coming to the podium. In a show of force, more than a dozen of those aides were lined up behind him during the 20-minute press conference.

Obama said he had spoken with President George W. Bush, who pledged to keep his staff advised of any policy decisions during the transition. Obama will meet with Bush at the White House Monday.

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