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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Obama pushes new rescue plan for US economy AFP - Sunday, November 16 WASHINGTON (AFP) - - President-elect Barack Obama said Saturday the US economy was already in "recession" and urged Congress to take urgent steps to alleviate the financial pain of millions of Americans. "If Congress does not pass an immediate plan that gives the economy the boost it needs, I will make it my first order of business as president," Obama said in the Democratic Party's weekly radio address. Following his historic election triumph on November 4, the first black US president will inherit an economy in crisis and two foreign wars when he succeeds George W. Bush on January 20. Obama's transition planning accelerated Saturday with the appointment of three aides to his White House team, including long-time friend Valerie Jarrett as a senior advisor and assistant for intergovernmental relations. Obama is said to be considering former Democratic primary rival Hillary Clinton as secretary of state, after the two met in Chicago on Thursday, although reports said he had also met New Mexico Governor Bill Richardson to discuss the job of top US diplomat. While the Democrats' 2004 nominee, Senator John Kerry, also reportedly remains on Obama's short list, The Washington Post said Clinton was "now a top contender" for the pressing task of mending frayed US alliances abroad. But the ABC network, quoting a source close to the transition process, described Thursday's talks between Clinton and Obama in Chicago "as not a hard offer. Obama is more cautious than that." As leaders of the world's 20 biggest economies met for a crisis summit in Washington, Bush pledged a "seamless" transition, while Obama said fixing the stricken US economy would be his top priority from January. The G20 leaders punted an action plan into the first months of the Obama administration, including a pledge to come up with an overhaul of outdated financial regulations by next March 31. In the radio address, the president-elect welcomed Bush's convocation of the G20 summit "because our global economic crisis requires a coordinated global response." "And yet, as we act in concert with other nations, we must also act immediately here at home to address America's own economic crisis," he said, calling for a second round of stimulus spending. Congress reconvenes Monday for a lame-duck session in the waning weeks of Bush's administration, which has opposed another stimulus package after a 168-billion-dollar round of tax rebates for consumers agreed last February. The Bush White House is instead focused on dispensing a 700-billion-dollar rescue deal for Wall Street, which Obama wants expanded to help property owners stay in their homes. The US economy shrank 0.3 percent in the July-September quarter as panicked consumers slashed spending, and now Obama's Democratic allies in Congress are pushing for a broader bailout encompassing the stricken auto industry. "Even as we dig ourselves out of this recession, we must also recognize that out of this economic crisis comes an opportunity to create new jobs, strengthen our middle class, and keep our economy competitive in the 21st century," Obama said. The world's largest economy is not technically in recession yet, though the Organization for Economic Cooperation and Development predicts the United States will suffer a huge 2.8-percent contraction in the current quarter. Setting the stage for what is likely to be a fractious lame-duck session of Congress, Obama called in particular for a helping hand to more than one million out-of-work Americans whose unemployment insurance will soon run out. In an interview on CBS program "60 Minutes" airing Sunday, Obama backed the Democratic moves to prop up the US auto industry but said any aid must be conditioned on a long-term retooling that makes green cars for the future. "For the auto industry to completely collapse would be a disaster in this kind of environment.... So it's my belief that we need to provide assistance to the auto industry. But I think that it can't be a blank check," he said. And Obama told CBS that government intervention must also focus on protecting US homeowners from the threat of foreclosure by restructuring mortgages in talks with lenders. "That is going to have an impact on the economy as a whole," he said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Earthquake rattles El SalvadorAP - 25 minutes ago Econ summit vows action _ takes few concrete stepsAP - 26 minutes ago LA police: Fire at trailer park might be deadlyAP - 30 minutes ago Russia wants 'strategic partnership' with US: MedvedevAFP - 42 minutes ago Mobile home park is ground zero of Calif. wildfireAP - 54 minutes ago Enlarge Photo The US capital is abuzz with speculation that US president-elect Barack Obama (L) is weighing former Democratic primary rival Hillary Clinton, seen here together in Orlando, Florida, to be a heavy-hitting secretary of state. 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