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 to resolve it." Click here to view Obama?s news

News 12 Staff

Nov 7, 2008, 9:03 PM

Updated 5,641 days ago

Share:

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 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."


More from News 12
1:45
Rain showers return tonight in New Jersey; temps warm up for the weekend

Rain showers return tonight in New Jersey; temps warm up for the weekend

Boil water advisory issued for parts of Monmouth County

Boil water advisory issued for parts of Monmouth County

2:32
Main Street New Jersey: Some great food spots to try in South River

Main Street New Jersey: Some great food spots to try in South River

0:54
Guide: How to host Passover on a budget

Guide: How to host Passover on a budget

Is your mom awesome? New Jersey tell us why your Mom Rocks!

Is your mom awesome? New Jersey tell us why your Mom Rocks!

2:43
‘Now he literally has a part of me.’ Brother donates part of his liver to twin

‘Now he literally has a part of me.’ Brother donates part of his liver to twin

0:27
Police: Husband and wife stole jewelry from Bridgewater retirement facility

Police: Husband and wife stole jewelry from Bridgewater retirement facility

2:23
Rutgers police: Person charged for shooting people with Orbeez gun

Rutgers police: Person charged for shooting people with Orbeez gun

3:40
Police: Marlboro Township Public Schools, Trenton Board of Ed receive 'unfounded' bomb threats

Police: Marlboro Township Public Schools, Trenton Board of Ed receive 'unfounded' bomb threats

0:29
GoFundMe pages created for Paterson families displaced by house fires

GoFundMe pages created for Paterson families displaced by house fires

Show off your team spirit! Share your photos with News 12

Show off your team spirit! Share your photos with News 12

0:16
Police: Man tried to stab UPS driver who refused to give him a ride

Police: Man tried to stab UPS driver who refused to give him a ride

0:41
Jersey Proud: Holi celebration held at Cooper University Hospital in Camden

Jersey Proud: Holi celebration held at Cooper University Hospital in Camden

0:29
Police: North Carolina man killed in crash on Garden State Parkway in Irvington

Police: North Carolina man killed in crash on Garden State Parkway in Irvington

House of Independents announces initial summer lineup following temporary closure due to flooding damage

House of Independents announces initial summer lineup following temporary closure due to flooding damage

Devils GM Tom Fitzgerald says Travis Green is part of his search for a new coach

Devils GM Tom Fitzgerald says Travis Green is part of his search for a new coach

Atlantic City mayor: I'm committed to my family and city while dealing with daughter abuse charges

Atlantic City mayor: I'm committed to my family and city while dealing with daughter abuse charges

1:55
Bear-resistant trash cans being provided for 6 New Jersey towns

Bear-resistant trash cans being provided for 6 New Jersey towns

7-Eleven, Wawa or QuickCheck? New poll reveals New Jersey’s favorite convenience store

7-Eleven, Wawa or QuickCheck? New poll reveals New Jersey’s favorite convenience store

0:18
Dover police warn residents of men in face coverings knocking on doors

Dover police warn residents of men in face coverings knocking on doors