Obama: Action Needed Now To Help Faltering Economy

4709558President-elect Barack Obama gave a press conference this morning in which he addressed today's job report showing that the nation's unemployment rate hit 7.2 percent in December, the highest level in 16 years.

Mr. Obama called the report "a stark reminder of how urgently action is needed" to help the economy. He deemed 2008 "the single worst year of job losses since World War II."

"Today's jobs report only underscores the need for us to move with a sense of urgency and common purpose," Mr. Obama said, adding: "There are American dreams that are being deferred."

Senate Democrats have been critical of Mr. Obama's stimulus package designed to create or save 3 million jobs, with some complaining that it is too reliant on tax cuts that will not do enough to stimulate the economy. Republicans, meanwhile, have expressed concerns about the cost of the plan, estimated at roughly $800 billion.

Amid concerns that this opposition will delay the passage of the stimulus package for weeks or even months after Mr. Obama's inauguration, the president-elect urged Congress to address his plan quickly.

America is facing a "devastating economic crisis," he said, "that will become even more difficult to contain with time."

"My administration and Congress share a common set of goals," Mr. Obama said when asked about difficulties in passing his stimulus package. "There is no disagreement that the economy is in dire straights. There is no disagreement that we need to create jobs."

"Having provided the framework, now we're going to have a consultation," he added. "Our expectation is that we will continue to hone and refine our package over the next several weeks, but the one thing that...I will continue to insist on is that we cannot delay."

"What we can't do is drag this out when we just saw a half a million more jobs lost," the president-elect said. "The American people are struggling."

"It is my job to make sure that Congress stays focused in the weeks to come and gets this done," he added.