Obama says economy will likely worsen
President-elect Barack Obama said in a news conference Sunday that the economy is likely to worsen.
According to New York Times coverage, Obama said he would pursue a recovery plan "equal to the task ahead."
Some of the proposed ideas included expanding public works programs and offering jobs to help develop green technology, according to the Times article.
The Los Angeles Times coverage said Obama believes economic times will worsen before they get better referring to the fragility of the financial system and to recent numbers showing the U.S. with its highest unemployment rate in 15 years.
Obama said it is not quite like the Great Depression, but a serious issue, according to the Times.
One of the main issues he addressed was the problems the auto industry is facing.
Obama for the first time voiced support for auto industry bailout legislation being drafted in Congress, according to the LA Times.
He said it would be "unacceptable" to allow the U.S. auto industry to fail during a time of growing unemployment, the LA Times article said.
"If this management team that's currently in place doesn't understand the urgency of the situation and is not willing to make the tough choices and adapt to these new circumstances, then they should go," Obama said during the news conference.
Obama said he is aware of the tough road ahead.
"As a part of our economic recovery package, what you will see coming out of my administration right at the center,â€? he said, â€œis a strong set of new financial regulations, in which banks, ratings agencies, mortgage brokers, a whole bunch of folks start having to be much more accountable and behave much more responsibly.â€?