President-elect Barack Obama set out his basic economic principles, Inthenews reported.
In his first news conference since winning
the Presidential election earlier this week, Barack Obama set out the basic
principles of an economic rescue plan he will institute next year.
Mr Obama set out a number of priorities, which focused on assistance for the lower classes - particularly the middle classes - as he looks to move away from the trickle-down theories espoused by the incumbent administration of Republican president George W Bush.
The president-elect said he would bring in an "economic stimulus package" and would do so "sooner rather than later".
"This morning we woke up to more sobering news about the state of our economy," he said, referring to the expected job cuts from the United States' leading car manufacturers that were announced earlier today.
"In total we've lost nearly 1.2 million jobs this year. Families are struggling to work out how to pay the bills and makes ends meet.
"We are facing the economic challenge of a lifetime."
Mr Obama tempered the calls for change he made during his presidential campaign, saying the United States "has only one president at a time" and hinted he would defer to Mr Bush on decisions until the Democrat is sworn in on January 20th 2009.
However, he continued: "All necessary steps to ease credit crisis... and to restore prosperity will be taken.
"I will deliver a strong set of policies to respond to this crisis.
"We need a rescue plan for the middle class to provide relief for those watching their paycheques and a fiscal stimulus plan to promote growth.
"We have to address the impact of the credit crisis spreading to other areas of the economy."
Mr Obama also gave an indication he would look to work closely with other countries, saying the current crisis "requires a global response".
The Illinois senator then reiterated his call for Democrats and Republicans to join forces in the face of the difficult economic times.
"I do not underestimate the challenge ahead," he concluded.
"Some of the choices we make will be difficult. It is not going to be quick or easy to dig ourselves out of this hole.
"But America is a strong and resistant country and I know we will succeed if we work together without bipartisanship for the good of the nation."