Obama meets US Congress leaders, discusses economy

REALITY CHECK: President-elect Barack Obama says the economic challenges in US needs to be handled with urgency.

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Washington: With the US reeling under an economic recession, president-elect Barack Obama onTuesday said that an “extraordinary economic challenge” lies ahead and it needs to be handled with urgency. Obama will assume office on January 20.

“We've got an extraordinary economic challenge ahead of us,” Obama told reporters before his meeting with Speaker of the House of Representatives, Nancy Pelosi.

This was his first meeting with Congressional leaders after his arrival in Washington from Chicago on Monday.

Though thrilled at the sight of the inauguration stand being constructed for his swearing in, Obama said his prime motive of meeting the Congressional leaders was to tackle the financial woes of the economy.

“Let me just say how thrilled I am to be sitting here with the speaker. Obviously, the inauguration stand is being built in the background, but the reason we're here today (Tuesday) is because the people's business can't wait,” he said.

In her remarks, Pelosi said as the new Congress gets sworn in tomorrow (Wednesday) the lawmakers would hit the ground running to “address some of the pain being felt by the American people”.

“As the president-elect indicated, the construction is under way right now. And at that time, we will be able to have signed into law legislation which will improve the lives of the American people,” Pelosi said.

Two weeks before his inauguration, Obama is pushing the Congress to pass a mega $750 billion economic stimulus package, 40 per cent of which he plans to spend in tax cuts for middle class and business. This he believes would create new job opportunities and stimulate the economy.