Obama urges action on US economy

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US President-elect Barack Obama has urged Congress to take immediate steps to tackle the US economic crisis.

Speaking in a Democratic Party radio and online address, Mr Obama welcomed the current G20 meeting of world leaders to discuss the global crisis.

But he said action should be taken "right now" to alleviate the pain of millions of working Americans.

Mr Obama is currently putting together his administration team and is believed to be considering Hillary Clinton.

US media reports say he met his former rival for the Democratic candidacy to discuss offering her a top job - possibly secretary of state. But neither side has confirmed the speculation.

Mr Obama is also said to be considering New Mexico governor Bill Richardson for the role.

Greatest challenge

It is hoped that the meeting of world leaders in Washington will be able to agree on long-term reforms to cut the risk of further financial crises and a co-ordinated economic stimulus plan.

Michelle Obama on the moment she realised her husband was going to be president

But correspondents say there are concerns over the lack of guarantee that any proposals agreed by President George W Bush will be implemented by his successor.

In his weekly address, Mr Obama warned viewers and listeners: "Make no mistake: This is the greatest economic challenge of our time."

He said the US markets continued to be volatile, unemployment insurance claims had risen to their highest levels since 11 September, 2001 and nearly 1.2 million jobs had been lost this year - many of them in the struggling auto industry.

"And millions of our fellow citizens lie awake each night wondering how they're going to pay their bills, stay in their homes, and save for retirement," he said.

Mr Obama urged Congress to help dig the US out of recession with "at least a down-payment on a rescue plan that will create jobs.

"If Congress does not pass an immediate plan that gives the economy the boost it needs, I will make it my first order of business as president," he said.

Green energyMr Obama said the country also needed to fund long term projects to rebuild infrastructure and schools and invest in green energy that would create jobs and free "our nation from the tyranny of foreign oil".

He will not be taking part in next week's Congressional debate as he is resigning his senate seat on Sunday.

Meanwhile, in an excerpt from Mr Obama's first television interview since the election, he jokes with his wife Michelle about the night he won.

As they watched the news of his victory, Mr Obama remembers: "And then she said, 'Are you going to take the girls to school in the morning?'"

The full interview will be broadcast on Sunday.