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Obama Promises Swift Action on Economy

U.S. President-elect Barack Obama says his administration will immediately begin efforts to restore the economy when he is sworn into office on January 20.

During the Democratic weekly radio address Saturday, Mr. Obama said the country has no time to lose and that an economic stimulus package should be passed as soon as possible. He promised to move swiftly on a plan for working class families to stem the economic crisis and restore long term economic prosperity. He also said his administration would evaluate the U.S. bailout of the financial industry to ensure it is not "unduly" rewarding managers of corporations that received government help.

The president-elect also promised to push ahead with priorities like developing clean energy, reforming healthcare, and improving education.

Mr. Obama warned that difficult choices will have to be made. But he said America will succeed if everyone sets partisanship aside and works together as one nation.

U.S. President George Bush Saturday said Mr. Obama can count on the White House to help ensure he makes a seamless transition to power. During his weekly radio address Mr. Bush said a smooth transfer of power is his top priority.

Mr. Bush and President-elect Obama will meet on Monday to discuss the transition.

Some information for this report was provided by AFP and Reuters.