Obama sets out his plans
- 00:01:24
- ITN
Obama sets out his plans
Barack Obama has vowed to act swiftly on the US economy at his first news conference as US president-elect. Mr Obama said the US was facing one of its biggest economic challenges and promised to confront the crisis head-on as soon as he takes office in January. He noted the latest economic data showing significant job losses and an increase in unemployment. "We are facing the greatest economic challenge of our lifetime and we're going to have to act swiftly to resolve it," Mr Obama said. At his first news conference since his sweeping victory in Tuesday's election, he also said help for the distressed US auto industry is a high priority of his transition team. Mr Obama urged the Bush administration to do "everything it can" to accelerate disbursement of $25 billion in advanced technology loans to the industry. Additionally, he said: "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." General Motors Corp, Ford Motor Co, and Chrysler LLC are seeking federal loans to survive, with sales collapsing during the global economic crisis.
ITN | November 7, 2008
