Obama calls for second stimulus package for US economy

Excerpts from Power Breakfast on CNBC-TV18 Watch the full show » Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty?

In his first press conference, President-elect Barack Obama spoke on, seeking to calm a jittery nation and financial markets. He called for swift action on the economy, including a second stimulus package.

 

Obama said, "The choices that we are going to make are going to be difficult. I have said before and I am going to repeat again it will not be quick. It's not going to be easy to dig ourselves out of the hole that we are in. US has only one government and one President at a time and until January 20 of next year that government  is the current administration. I want to see a stimulus package sooner than later if it does not get done in the lame duck-session, it is the first thing that I will get done as the President of US."

 

On US economic challenges:

"We are facing the greatest economic challenge of our lifetime. We have to act swiftly to resolve it; I don't under-estimate the enormity of the task that lies ahead," Obama said, adding, "We have taken some major action today and we will need further action in the subsequent months. My priority is how do we rebuild the economy, how do we create more jobs. I think the plan we have put forward is the right one. But over the next several weeks, we will be continuing to look at the data and see what's taking place in the economy as a whole."

 

Auto sector - High priority:

I have made it a high priority for my transition team to work no additional policy actions to help the auto industry to adjust and to help overcome the financial crisis and produce fuel efficient cars here in US.