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CHICAGO, United States: President-elect Barack Obama called early Saturday for urgent action to prop up the flagging US economy and stop the haemorrhage of jobs, arguing that there was not "a moment to lose."
In his first weekly radio address since his decisive election victory last Tuesday, the Illinois Democrat said he wanted to reassure Americans that his administration would "hit the ground running on January 20th because we don't have a moment to lose."
He argued that while the administration of President George W. Bush and Congress had taken steps to prop up the struggling financial sector and other parts of the economy, the United States "will need further actions during this transition and subsequent months."
"First, we need a rescue plan for the middle class that invests in immediate efforts to create jobs and provides relief to families that are watching their pay checks shrink and their life savings disappear," the president-elect said.
Obama pointed out the government will then need to address the spreading impact of the financial crisis on other sectors of the economy and to ensure that the rescue plan that passed Congress is working to stabilize financial markets while protecting taxpayers and helping homeowners.
"Finally, we will move forward with a set of policies that will grow our middle-class and strengthen our economy in the long-term," Obama promised.
He said he did not underestimate the enormity of the task ahead.
"Some of those choices will be difficult, but America is a strong and resilient country," he noted. "I know that we will succeed if we put aside partisanship and work together as one nation."
On Friday, Obama met with his economic advisers to discuss the economic situation and chart his administration's future course.
The meeting came on another brutal day for the US economy. Official figures showed the US unemployment rate in October rose to 6.5 per cent, its highest level since 1994.
The Labor Department said 240,000 jobs had been cut in October, the 10th straight month of job losses, and new revisions meant that a whopping 651,000 workers have lost their livelihoods in the past three months alone.
Speaking at a press conference here Friday, Obama also confirmed that he had been sent a letter from Iranian President Mahmoud Ahmadinejad following his victory over Republican John McCain on Tuesday.
"I am aware that the letter was sent," he said. "I will be reviewing the letter from President Ahmadinejad and we will respond appropriately."
However he said that Iran's development of nuclear weapons was "unacceptable" and the Islamic Republic must end its "support of terrorist organizations."
Obama said during his campaign that if elected as president, he would explore the possibility of direct talks with US foes like Iran, North Korea and Cuba.
Known for his gifted oratory on the campaign trail, Obama made an uncharacteristic gaffe at the press conference when asked if he had spoken with any former presidents to prepare for the job.
"In terms of speaking to former presidents, I've spoken to all of them that are living," Obama said. He then went on to name a dead president, Abraham Lincoln, as an inspiration, prefacing the remark with a reference to a former first lady's alleged occult activities.
"I didn't want to get into a Nancy Reagan thing about, you know, doing any seances. I have re-read some of Lincoln's writings, who's always an extraordinary inspiration."
Obama later called former president Ronald Reagan's 87-year-old widow "to apologize for the careless and off-handed remark he made during today's press conference," Obama transition team spokeswoman Stephanie Cutter said.
Obama started the day Friday with a parent-teacher meeting at his two daughters' school with his wife Michelle, a reminder that the next First Family will be the youngest in decades.
He held more meetings to plan his transition to the White House, and was getting his now-daily classified intelligence briefing from the CIA.
On Friday afternoon, Obama called foreign heads of government from Egypt, Italy, Pakistan, Poland, Spain and Saudi Arabia, after speaking Thursday with leaders of Australia, Britain, Canada, France, Germany, Israel, Japan, Mexico and South Korea.
The global financial crisis, the Afghanistan war, climate change and the North Korean and Iranian nuclear crises dominated the conversations, according to accounts from the various capitals.
Most of the allied leaders are to attend an emergency summit of 20 nations on the economic crisis in Washington on November 15. The White House has said Obama will not be at the event.
Several people mentioned as potential Treasury secretary, including Lawrence Summers and former Federal Reserve chief Paul Volcker, were at the meeting on the economy, which also included Vice President-elect Joseph Biden.
- AFP/ir
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