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Obama Tackles Economic Crisis

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The Associated Press

Published: November 8, 2008

CHICAGO - President-elect Obama assembled his economic team Friday and told the nation that strong action is needed to confront "the greatest economic challenge of our lifetime."

Obama called on Congress to extend unemployment benefits and pass a stimulus bill. His more ambitious remedies, he said, must wait until he takes office Jan. 20.

"Some of the choices that we make are going to be difficult," he said in a statement before taking questions. "It is not going to be easy for us to dig ourselves out of the hole that we are in. But America is a strong and resilient country."

Obama urged Congress to pass an economic stimulus measure and extend unemployment benefits either before or just after he takes office.

Obama said he would focus on producing jobs, and he mentioned actions to help the auto industry, small businesses and state and local governments.

Obama and running mate Joe Biden met before the news conference with an economic advisory board, a high-powered collection of business, academic and government leaders. They included Lawrence Summers, who some have mentioned as a candidate for Treasury secretary, a post he held in the Clinton administration; Michigan Gov. Jennifer Granholm, whose state has been hit hard by losses in the auto industry; Google CEO Eric Schmidt; and former Federal Reserve Chairman Paul Volcker.

Others attending included executives from Xerox Corp., Time Warner Inc.; and the Hyatt hotel company. Investor Warren Buffett called in by telephone.

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