The economy dominated US President-elect Barack Obama’s first post-election press conference in Chicago this evening.
He said restoring economic equilibrium to the United States would be a major priority of his administration but stressed on a number of occasions that he would not be in a position to implement policy until he took over the presidency on Janary 20th.
"I do not underestimate the enormity of the task that lies ahead," he told reporters at the Hilton Hotel. "We have taken some major action to date and we will take further action."
He said that passing an economic stimulus package would be his first move if the lame-duck Congress fails to pass such a package before he takes office January 20th,
"We are going to need to see a stimulus package passed either before or after the inauguration. I want to see a stimulus package sooner rather than later," Mr Obama told the news conference after meeting his economic advisers.
Mr Obama however downplayed expectations of a swift rollout of cabinet level officials, including secretary of the Treasury and Secretary of State, saying he would move with "deliberate haste" to get the decisions right.
And he thanked President George W. Bush for his offer of a smooth transition of power and signalled he would not attempt to intervene in economic policy before his inauguration on January 20th.
Mr Obama deferred to Mr Bush and his economic team, noting that the country has only one government and one president at a time.
But, he said, "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."
He began the press conference by addressing the release of US unemployment figures. "We are facing the greatest economic challenge of our lifetime and we are going to have to act swiftly to solve it," Mr Obama said.
Mr Obama said the US had lost 1.2 million jobs so far this year and he would confront the crisis "head on" immediately after becoming president.
"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," Mr Obama said. "But America is a strong and resilient country, and I know we will succeed."
He said the country was facing several immediate challenges, including a rescue plan for the middle class and said a fiscal stimulus plan to jump start economic growth was "long overdue."
He talked of further extending of benefits and pledged to work on policy options to help the struggling auto industries adjust to the economic crisis. And he added that the US could not afford to wait to act on his administration's key priorities such as healthcare and energy policy.
He said the financial crisis was "spilling out" into other areas of the country's economy. "We are going to need to see a stimulus package passed either before or after inauguration," he said, adding that it was needed "sooner rather than later".
"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.
"I'm confident that a new president can have an enormous impact, that's why I ran for president."
Mr 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 organisations."
On a lighter note, Mr Obama said tongue-in-cheek that the issue of the dog he had promised his daughters if he captured the White House was a "major issue" and that he had spoken to all the living ex-US presidents as he prepares for office.