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Obama seeks solutions to the economic crisis

President-elect Barack Obama called on Friday for the Bush administration and Congress to form an economic-stimulus package, reported the New York Times.
Obama also pledged on Friday to confront the country's economic crisis "head on" once he is sworn in on Jan. 20.
"I do not underestimate the enormity of the tasks that lies ahead," Obama said in his first news conference since his victory over Senator John McCain on Tuesday. He said he is certain that "some difficult choices" will have to be made.
The news conference was held immediately after Obama, Vice President-elect Joseph R. Biden Jr. and newly named chief of staff, Representative Rahm Emanuel, met with the transition's economic advisory board.
The government reported that the nation's economy lost another 240,000 jobs in October, sending the unemployment rate to 6.5 percent from 6.1 percent, the highest level since 1994.
Obama said that he and his advisers would try to find ways to help the struggling automobile industry, and he hoped to see enactment of an economic-stimulus package either before or soon after Inauguration Day.
General Motors reported a loss of $4.2 billion in the third quarter, a decline of 13 percent from the same period last year.
Obama also thanked President Bush for his warm remarks upon his election and pledged to do nothing between now and Jan. 20 to undercut the outgoing president.
“We only have one president at a time,? Obama said.