Economy Dominates Obama's Speech

Nov. 7, 2008— -- Amid reports of high unemployment and job losses, a cautious yet authoritative President-elect Barack Obama faced reporters today in his first public address since his acceptance speech.

Standing with members of his transition economic advisery board, Obama avoided stepping on the current president's toes but adopted a commanding tone when speaking about the economy.

"Immediately after I become president, I'm going to 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," he said. "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."

He also signaled that help is on the way for the troubled auto industry, which is reeling from substantial losses. The chief executives of General Motors, Ford and Chrysler warned Congress today that the industry is in danger of collapsing and it could take as much as $75 billion from the federal government to save it.

"The news coming out of the auto industry this week reminds us of the hardship it faces -- hardship that goes far beyond individual auto companies to the countless suppliers, small businesses and communities throughout our nation who depend on a vibrant American auto industry," Obama said.

"I would like to see the administration do everything it can to accelerate the retooling assistance that Congress has already enacted," he added. "In addition, I have made it a high priority for my transition team to work on additional policy options to help the auto industry adjust, weather the financial crisis and succeed in producing fuel-efficient cars here in the United States of America."

Obama spoke cautiously about the economy and set low expectations as to how his administration could fix the worsening economic crisis.

A Department of Labor report today showed that unemployment rate surged to 6.5 percent, the highest number in 14 years.

"I do not underestimate the enormity of the task that lies ahead," Obama said. "Some of the choices that we make are going to be difficult. And I have said it 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, but America is a strong and resilient country."