elect Barack Obama said on Friday he wanted Congress to pass another stimulus package as soon as possible to stabilize the US economy. “We are going to need to see a stimulus package passed either before or after the inauguration (on January 20). I want to see a stimulus package sooner rather than later,” Obama told a news conference in Chicago after meeting his economic advisers. If it does not get done in the lame-duck session, it will be the first thing I get done as president of the United States,” Obama said, referring to the period when the outgoing Congress meets between now and the end of the year. Obama addressed reporters after meeting with a team of economic advisers who are preparing him to take office on Jan. 20 amid the world's worst financial crisis since the 1930s Great Depression. It was his first news conference as president-elect and first public appearance since Tuesday's election, where exit polls showed that the economy was by far the top issue for voters. “By calling this press conference he is sending a strong message that he is already on the job,” said Greg Salvaggio, senior currency trader at Tempus Consulting in Washington. “He is showing he will be ready to hit the ground running.” “We are facing the greatest economic challenge of our lifetime. We will have to act swiftly to resolve it,” Obama said, with his economic advisors standing behind him. “Immediately after I become president, I 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.” The US unemployment rate shot up to 6.5 percent in October, its highest level since March 1994, as another 240,000 nonfarm jobs were lost in October, raising the year's total lost jobs to 1.2 million. Obama also called on President George W. Bush to join Congress in seeking aid for the ailing US auto industry, which was seeking some $50 billion in emergency loans. His comments came in the wake of more bad news from US automakers and other gloomy economic data. The biggest US-automaker General Motors and Ford Motor Co. are on the verge of collapse. “The news coming out of the auto industry this week reminds us of the hardship it faces,” Obama said. “Hardship that goes far beyond individual auto companies to the countless suppliers and small businesses and communities throughout our nation who depend on a vibrant American auto industry,” he said. “I have made it a high priority for the transition team to work on additional policy options to help the auto industry adjust.” Obama made no announcement on his choice for Treasury secretary -- the person who will administer the $700 billion program to buy toxic debt and recapitalize financial institutions. His economic team Key people in US President-elect Barack Obama's transition economic advisory board: David Bonior, a Michigan representative to the US House of Representatives from 1977 to 2003 Warren Buffett, chairman and CEO of Berkshire Hathaway Roel Campos, former SEC commissioner William Daley, chairman of the Midwest, JP Morgan Chase and Commerce Department secretary from 1997 to July 2000 William Donaldson, former SEC chairman from 2003 to June 2005; Roger Ferguson, president and CEO, TIAA-CREF and former vice chairman of the Board of Governors of the Federal Reserve Jennifer Granholm, Michigan governor Anne Mulcahy, chairman and CEO, Xerox Richard Parsons, chairman of of the board at Time Warner Inc. Penny Pritzker, CEO of Classic Residence by Hyatt Hotel Group. Robert Reich, University of California professor and Labor secretary from 1993 to 1997 Robert Rubin, chairman and director of the Executive Committee, Citigroup, Treasury secretary from 1995 to 1999 Eric Schmidt, chairman and CEO of Google Inc. Lawrence Summers, former president of Harvard University, managing director, D.E. Shaw and Treasury secretary from 1999 to 2000 Laura Tyson, prof. at Haas School of Business, University of California, served as chairman of the National Economic Council ( 1995-96), chairman of the President's Council of Economic Advisors (1993-95) Antonio Villaraigosa, mayor of Los Angeles Paul Volcker, chairman of the US Federal Reserve from August 1979 to August 1987
