President-elect promises action on economy

Chicago: President-elect Barack Obama has assembled his economic team and called on Congress to pass an economic stimulus programme, but warned Americans that the road to economic recovery would not be easy.

Inheriting an economy in peril, Obama spoke confidently yet soberly on Friday at his first press conference as president-elect after a meeting with some of the country's top economic experts.

He warned that Americans face the challenge of a lifetime and pledged he would act to help those devastated by lost jobs, disappearing savings and homes seized in foreclosure.

But the man who promised change in his campaign speeches cautioned against hopes of quick solutions. "It is not going to be easy for us to dig ourselves out of the hole that we are in," he said.

Obama planned to stay home in Chicago through the weekend, with a blackout on news announcements so he and his staff can rest after the gruelling campaign.

After his election on Tuesday night, Obama spent the week receiving intelligence briefings and meeting with advisers.

Luminaries

Behind Obama at his press conference on Friday were over a dozen economic luminaries, such as Lawrence Summers, who was treasury secretary under Bill Clinton's administration and who has been mentioned as a possible choice for the same post in the Obama administration.

Obama, who was flanked by his new White House chief of staff Rahm Emanuel, offered no hints about who would get the job, but said cabinet positions would be chosen with "deliberate haste".

The No. 1 priority, Obama said, is to get Congress to approve an economic stimulus plan that would extend jobless benefits, send food aid to the poor, and spend tens of billions of dollars on public works projects.

If the plan is not approved this month, in a special session of Congress, Obama said that "it will be the first thing I get done as president of the United States".

While standing back as long as Bush is president, Obama said his advisers would keep close watch on the administration's efforts to unlock frozen credit and stabilise financial markets.