At first news conference, Obama promises stimulus push

CHICAGO -- In his first news conference as president-elect, Barack Obama pledged Friday to quickly seek an economic stimulus plan and made it clear he'd like to see Congress act on it even before he takes office.

"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," he told reporters. A "lame duck" session is a meeting of Congress that takes place after an election, but before the new Congress is sworn in.

Obama focused on economic issues in the session, which lasted less than 20 minutes. But he also touched on some foreign policy and personnel matters, including what he joked was a "major issue," the selection of the future First Dog.

The president-elect also pledged to extend unemployment benefits, provide relief to struggling small businesses and — on a day when both Ford and General Motors announced fresh losses — signaled his intention to move decisively to preserve the domestic auto industry.

Obama called the industry "the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil." During his presidential campaign, Obama repeatedly said he wants the next generation of alternative vehicles developed and built in the U.S., and "not in South Korea or Japan."

Although he emphasized that President Bush remains the nation's chief executive until Inauguration Day, Jan. 20, Obama indicated that his transition team will be examining the management of the $700 billion financial bailout for Wall Street with a critical eye. His advisors "will review the implementation of this administration's financial program to ensure that our government's efforts are achieving their central goal of stabilizing financial markets, while protecting taxpayers, helping homeowners and not unduly rewarding the management of financial firms that are receiving government assistance," Obama said

In another signal he intends to extend a helping hand to Detroit, Obama singled out the presence of Michigan Gov. Jennifer Grantholm among the team of economic advisers standing behind him at the press conference.