President-elect Barack Obama outlined his plan for his transition during his first news conference Friday.
"Immediately after I become president, I will confront this economic crisis head-on," Obama said in the press conference, aired on major networks.
The most immediate challenges include a rescue plan for the middle class to create jobs and provide relief, an extension of unemployment insurance benefits, a fiscal stimulus plan and stabilizing financial institutions, he said.
Obama also addressed the increasing concern toward the automotive industry.
"The automotive industry is the backbone of American economy," he said in the press conference.
Obama said the auto industry is a critical part for the United States to attempt to move toward energy independence.
-M.M.
