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President-elect Obama Planning Response to Economic Crisis

By Stephen Kaufman

President-elect Obama said he and his transition team will confront economic challenges "head-on" in the coming weeks, working with economic experts to develop policies to ease the flow of credit and to support struggling American families.

Obama was elected president November 4, but, as provided by U.S. law, will not assume office until January 2009. (See "Barack Obama Wins Historic Election Victory ( http://www.america.gov/st/elections08-english/2008/November/20081105004357esnamfuak0.6412165.html?CP.rss=true ).")

At his first press conference as president-elect, Obama reminded observers that the United States has only one president at a time, and that president is still George W. Bush. Obama said he will meet with President Bush at the White House on November 10.

Speaking in Chicago on November 7, Obama said Americans are "facing the greatest economic challenge of our lifetime, and we're going to have to act swiftly to resolve it."

The president-elect said after he is sworn in on January 20, 2009, he will "confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hard-working families, and restore growth and prosperity."

Obama spoke after meeting with his transition economic advisory board, a group that will work with his transition team to plan a response to immediate economic challenges and strategies for longer-term economic strength.

Members of the board include past federal officials such as former Federal Reserve Chairman Paul Volcker and former Treasury Secretary Lawrence Summers, and private-sector financial experts such as investor Warren Buffett and Time-Warner Chairman Richard Parsons.

"I do not underestimate the enormity of the task that lies ahead," Obama said. "It is not going to be quick and it is not going to be easy for us to dig ourselves out of the hole that we are in, but America is a strong and resilient country. And I know we will succeed if we put aside partisanship and politics and work together as one nation."

Obama said he anticipated his November 10 White House visit will include "a substantive conversation" with the president along with a tour of the Obamas' future home.

"Now is a good time for us to set politics aside for a while and think practically about what will actually work to move the economy forward. And it's in that spirit that I'll have the conversation with the president," Obama said.

FUTURE PRESIDENT MOVING "WITH DELIBERATE HASTE" ON CABINET

Asked about U.S. relations with Iran, Obama repeated his campaign policies opposing Iran's development of nuclear weapons and its support for terrorist organizations.

He said he planned to review a letter recently sent to him by Iranian President Mahmoud Ahmadinejad and "respond appropriately," but added it is important to remember that there is only "one president at a time" in the United States.

"I want to be very careful that we are sending the right signals, to the world as a whole, that I am not the president and I won't be until January 20th," Obama said.

The president-elect also acknowledged the intense interest in whom he will nominate to Cabinet-level positions, saying announcements will be made in the coming weeks.

"I want to move with all deliberate haste, but I want to emphasize deliberate as well as haste," he said. "I think it's very important ... to get it right and not to be so rushed that you end up making mistakes."

Source: U.S. Department of State