Obama urges fast action on economic package

November 08, 2008|By John McCormick, Bob Secter and Rick Pearson | John McCormick, Bob Secter and Rick Pearson,Chicago Tribune

CHICAGO - With the world suddenly hanging on his every word, Barack Obama answered questions yesterday for the first time as president-elect, speaking cautiously about a skittish economy and joking that his family's discussion of a new puppy had become "a major issue."

But he wasn't careful enough on another subject, making an ill-considered comment about seances and former first lady Nancy Reagan, for which he later issued a personal apology.

Meeting with reporters, Obama sought to reassure the nation and world that the financial crisis has his full attention, while delicately trying to bridge the transition from the current presidency to his own.

"Oh, wow," Obama said, as he walked into a basement ballroom in the Hilton Chicago, expressing surprise at the tradition of reporters standing when a president or president-elect walks into a room.

Obama urged the lame-duck session of Congress to swiftly pass an economic stimulus package. If that does not happen before he takes office, he said it would be a top priority after moving into the White House.

But the Illinois Democrat also tried to make the case that he did not plan to be confrontational with the current administration and a president who was so frequently the target of his attacks on the campaign trail.

"The United States has only one government and one president at a time," he said. "And until Jan. 20th of next year, that government is the current administration."

White House visit

Obama said he was looking forward to a trip Monday to visit President Bush at the White House and a "substantive discussion."

"I'm going to go in there with a spirit of bipartisanship and a sense that both the president and various leaders of Congress all recognize the severity of the situation right now and want to get stuff done," he said.

Obama was flanked by Sen. Joe Biden, the soon-to-be vice president, and Rep. Rahm Emanuel, the Chicago congressman who will be the White House chief of staff. He also brought with him a football team's worth of economic advisers, a group he had met with earlier.

On a day when the stock market headed higher but a new report showed that the economy lost 240,000 jobs in October, Obama stressed that the road ahead for him and the nation would not be easy.

"I do not underestimate the enormity of the task that lies ahead," he said. "Some of the choices that we make are going to be difficult."

While standing back as long as Bush is president, Obama said his advisers would keep close watch on the administration's efforts to unlock frozen credit and stabilize financial markets. Obama said he wanted to make sure the Bush administration was "protecting taxpayers, helping homeowners and not unduly rewarding the management of financial firms that are receiving government assistance."

The 19-minute appearance was workmanlike and to the point, with Obama calibrating his remarks carefully and largely repeating campaign positions.

He was his usual serious self, although he did joke a couple of times.

Obama sidestepped any detailed discussion of a congratulatory letter he received from Iran's president, instead reiterating well-honed campaign statements that Iran's development of nuclear weapons and support for terrorism were unacceptable.

He maintained that presidents - even in their first 100 days - can help the economy get better.

"A new president can do an enormous amount to restore confidence, to move an agenda forward that speaks to the needs of the economy and the needs of middle-class families all across the country," he said.

Stimulus package

The stimulus package he wants would, among other things, extend unemployment benefits and provide money for public works to rebuild the nation's infrastructure, plus provide financial assistance to state and local governments. It may include provisions to help improve access to credit by consumers and boost the troubled auto industry.

After already backing two costly stimulus initiatives this election year, the White House and congressional Republicans are now resisting a new one.

Some economists have said that it would need to be anywhere between $150 billion and $300 billion to have a significant economic impact.

Obama vowed that the sagging economy would not slow him down on the aggressive and expansive domestic agenda that he campaigned on.

"Some of the choices that we're going to make are going to be difficult," he said. "It is not going to be quick. It is not going to be easy for us to dig ourselves out of the hole that we are in." But he said he was confident the country could do it.

Obama left the door open to the possibility that economic conditions might prompt him to change his tax plan, which would give a break to most families but raise taxes on those making more than $250,000 annually.

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