Obama Sets Out Priorities In First Press Conference As President-Elect

November 7, 2008 4:30 p.m. EST

Chicago, IL (AHN) - President-elect Barack Obama set a gravely serious tone in his first press conference since winning the election on Friday, citing the Labor Department's report the same day that the unemployment rate had reached a 14-year high, and pledging to work for a middle class rescue plan before or after his inauguration as president.

In his opening remarks, Obama said the latest employment report saying 240,000 jobs were lost across the nation in October, bringing the total number of jobs lost this year to 1.2 million, is "an urgent reminder that we are facing the greatest economic challenge of our lifetime, and we must act swiftly to resolve [it]."

"The United States has only one government and one President, and until January 20th of next year, that government is the current Administration. I have spoken to President Bush, and I appreciate his commitment to ensuring that his economic policy team keeps us fully informed as developments unfold. Immediately after I become President, I will confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity," Obama added.

The president-elect, who met with his economic team before holding the press conference, set out priorities he said the nation had to "focus on in the days and weeks ahead." He said an economic rescue plan for the middle class "is long overdue," and that particularly urgent is one that would extend further unemployment insurance benefits.

House Speaker Nancy Pelosi (D-CA), reacting to the jobs report, made a similar call the same day for a second stimulus package.

Obama said the effects of the financial crisis on other sectors of the economy such as small businesses and the auto industry must be addressed. He added that he will review the implementation of the Bush administration's $700 billion financial rescue package to ensure that taxpayers are protected.

The president-elect said his economic team will begin laying out policies to address these priorities because "we cannot afford to wait on moving forward." He ended by saying he understands the "enormity of the task ahead but that "America is resilient." After reading his prepared remarks, Obama, responding to a question, said he will not be rushed into announcing his choice for Cabinet posts. He also expressed hope that a second stimulus package would be passed when Congress holds a lame duck session on Nov. 17.

The press conference was held at the Hilton Chicago after Obama and vice president-elect Joe Biden met with their Transition Economic Advisory Board, whose members include former Treasury Sec. Lawrence Summers, former Federal Reserve chair Paul Volcker, billionaire investor and Berkshire Hathaway CEO Warren Buffett, former SEC Commissioner Roel Campos.

The team also includes Google chair and CEO Eric Schmidt, Michigan Gov. Jennifer Granholm, Citigroup chair and former Treasury Sec. Robert Rubin, and JP Morgan Chase Midwest chair and former Commerce Sec. William Daley.

Summers, Volcker and Buffett have been reported as contenders for the post of Treasury secretary.

The presser also follows the Obama's first highly-classified intelligence briefing on Thursday. The same day, Bush said in a speech at the White House that he would meet with Obama early next week about "ongoing policy issues, ranging from the financial markets to the war in Iraq."

Obama has confirmed that he will meet with Bush for the first time since winning the election on Monday at the White House. His visit comes as Bush prepares to host leaders from the G20 at a global economic conference in Washington on Nov. 15. The G20 is a group of twenty nations formed in 1999, after the last global financial crisis.