Obama assures to confront economic crisis ‘head on’

Expressing his determination to “confront the economic crisis head on,” US President-elect Barack Obama has said the first priority of his administration would be to pass a stimulus package if it could not take place before his inauguration.

Obama, who was addressing his first press conference after being elected as the 44th US President, noted that the country was facing the “greatest economic challenge” of its lifetime and promised his government would act “swiftly” to address it.

“We have a current financial crisis that is spilling out into rest of the economy, and we have taken some action so far. More action is undoubtedly going to be needed,” Obama said adding that the further course of actions would be closely monitored by his transition team.

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

Obama, who had a meeting with a 17-member council of economic advisors earlier yesterday said it would be very important for him 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.”

“I want 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 get done as president of the United States” Obama said.

“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,” Obama said.

Courtesy: NDTV


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