Obama calls for swift action on economy

Print By NEDRA PICKLER and LIZ SIDOTI, Associated Press Writers Nedra Pickler And Liz Sidoti, Associated Press Writers

AP – President-elect Obama answers questions during a news conference in Chicago, Friday, Nov. 7, 2008.

CHICAGO – President-elect Obama said Friday that the country is facing the greatest economic challenge in a lifetime and "we're going to have to act swiftly to resolve it."

In his first news conference since winning the presidency Tuesday, Obama said Congress must pass an economic stimulus measure either before or just after he takes office in January. He also said unemployment benefits need to be extended.

But he deferred to President Bush and his economic team on major decisions in the coming weeks.

"The United States has only one government and one president at a time," Obama said.

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