Obama calls for fast action stimulus from Congress

11-25-2008 | AP

With the U.S. economy in crisis the president elect urges speed to save jobs

Panama Star CHICAGO. With the U. S. economy in crisis, President-elect Barack Obama urged the new Congress to pass a quick economic stimulus bill, pledged help for the troubled auto industry and blessed the Bush administration's bailout of the financial industry

Even so, he conceded, "The economy is likely to get worse before it gets better," a downbeat forecast, delivered 57 days before he takes the oath of office and as Americans headed into the year-end holiday season

Barring swift action, "most experts now believe that we could lose millions of jobs next year," he said, urging the newly elected Congress to act quickly on his plans after opening its session on Jan. 6

At a news conference, Obama was critical of the Big Three automakers, saying he was surprised they did not have a better-thought-out plan for their future before asking Congress to approve $25 billion in emergency loans

He said once he sees a plan, he expects "we're going to be able to shape a rescue.

Obama declined to say how large a stimulus package he wants from Congress

"It's going to be costly," the president-elect said