Obama: Economic crisis a priority

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Flanked by 17 members of his transition economic advisory board, Mr Obama said the US had lost 1.2 million jobs so far this year and he would confront the crisis "head on" immediately after becoming president on January 20 next year.

It was his first public appearance since he became America's first black president-elect by beating Republican rival John McCain in Tuesday's election.

"I do not underestimate the enormity of the task that lies ahead," Mr Obama said.

"We have taken some major action to date and we will need further action during this transition and subsequent months. Some of the choices that we make will be difficult. It is not going to be quick, it is not going to be easy for us to dig ourselves out of the hole that we are in.

"But America is a strong and resilient country and I know we will succeed if we put aside partisanship and politics and work together as one nation. That's what I intend to do."

He said the US needed a rescue plan for the middle class, further extension of unemployment benefits and must work on policy options to help the struggling auto industries adjust to the economic crisis. And he added that the US could not afford to wait to act on his administration's key priorities such as healthcare and energy policy.

He said the financial crisis was "spilling out" into other areas of the country's economy. "We are going to need to see a stimulus package passed either before or after inauguration," he said, adding that it was needed "sooner rather than later".

"A new president can do an enormous amount, to restore confidence, to move an agenda forward, that speaks to the needs of the economy and the needs of middle-class families all across the country.

"I'm confident that a new president can have an enormous impact, that's why I ran for president."