Obama vows to ease economic crisis ‘swiftly’

“We are facing the greatest economic challenge of our lifetime and we’re going to have to act swiftly to resolve it,” Obama told his first press conference after his landslide victory in the historic November 4 polls.

“Immediately after I become President, I will confront this economic crisis head on by taking all necessary steps to ease the credit crisis, help hard-working families and restore growth and prosperity.”

The current financial crisis is spilling out into the rest of the economy, Obama said, adding although some action has been taken to address the issue, more steps are needed.

“My transition team is going to be monitoring very closely what happens over the course of the next several months.”

The one thing, the President-elect said, “I can say with certainty is that we are going to need to see a stimulus package passed either before or after inauguration.”

The Democrat, who met his council of economic advisers before addressing the media, said he wanted to see a stimulus package sooner rather than later. “If it does not get done in the lame-duck session, it will be the first thing I (will) get done as President of the United States,” Obama said.

A new President, Obama said, can “enormously” help to restore confidence and move an agenda forward that speaks of the needs of the economy and that of the middle-class families across the country. “I’ve outlined during the course of the campaign some critical issues that I intend to work on.”

“We are going to have to focus on jobs, because the haemorrhaging of jobs has an impact, obviously, on consumer confidence and the ability of people to — to buy goods and services and can have enormous spill over effects.

“And I think it’s going to be very important for us to provide the kinds of assistance to state and local governments to make sure that they don’t compound some of the problems that are already out there by having to initiate major layoffs or initiate tax increases,” Obama said.

His priority, the Democrat said, is going to be, how do we grow the economy and create more jobs. “I think that the plan that we’ve put forward is the right one, but, obviously, over the next several weeks and months, we’re going to be continuing to take a look at the data and see what’s taking place in the economy as a whole.”

“But, understand, the goal of my plan is to provide tax relief to families that are struggling, but also to boost the capacity of the economy to grow from the bottom up,” he said.

In his opening comments during the 20-minute press conference, he outlined the list of things he is planning to do soon after taking oath that include a rescue plan for the middle class and a review of the financial programmes.

“… I do not underestimate the enormity of the task that lies ahead. We have taken some major action to date, and we will need further action during this transition and subsequent months. Some of the choices that we make are going to be difficult. And I have said before and I will repeat again: It is not going to be quick, and it is not going to be easy for us to dig ourselves out of the hole that we are in.”

Describing America as “a strong and resilient country”, Obama said “I know we will succeed, if we put aside partisanship and politics and work together as one nation. That’s what I intend to do.”

Obama said President George W Bush has invited him and his wife to the White House next week and that he will be going there in a spirit of bipartisanship.

“I’m not going to anticipate problems. I’m going to go in there with a spirit of bipartisanship and a sense that both the President and various leaders in Congress all recognise the severity of the situation right now and want to get stuff done.

“The critical point and I think the critical tone that has to be struck by all of us involved right now is the American people need help. This economy is in bad shape. And we have just completed one of the longest election cycles in recorded history,” the President-elect said.

“Now is a good time for us to set politics aside for a while and think practically about what will actually work to move the economy forward. And it’s in that spirit that I’ll have the conversation with the President,” Obama said.

Replying to a question on Iran, Obama said Tehran’s “development of a nuclear weapon I believe is unacceptable” and added “we have to mount an international effort to prevent that from happening. Iran’s support of terrorist organisations I think is something that has to cease.”

“…how we approach and deal with a country like Iran is not something that we should, you know, simply do in a knee- jerk fashion. I think we’ve got to think it through.”

Obama also declined to get into the nature of intelligence briefing he received for the first time on Thursday by the Director of the National Intelligence. “…if there was something I had heard, I couldn’t tell you.”