Obama Addresses Economy, Will Confront Problems “Head-On”

New York (HedgeCo.Net) – In his first press conference since winning the presidential election, Barack Obama discussed ways to tackle the economic crisis while describing the “enormity of the task that lies ahead.”

In the wake of what looks to be a pending recession, Obama talked about his focus on job production and the extension of unemployment benefits.  He also talked about ways of helping the faltering auto industry and other small businesses, as well as possibly tweaking his tax plan to help more low and middle income families.

“I think the plan that we’ve put forward is the right one, but, obviously, over the next several weeks and months, we’re going to be continuing to take a look at the data and see what’s taking place in the economy as a whole,” Obama explained.

He did mention that a good majority of his first year may in fact be spent on reviving the troubled economy.

“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 stated.

Before the news conference, Obama and Vice-Presidential elect Joe Biden met with the transition economic advisory board, where they discussed ways to stabilize the sinking economy.  Although Obama did state that President Bush would be handling the situation for the days leading up to January 20, he did reinforce his belief that “a new president can have an enormous impact.”

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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