> Action on US Economy

Barack Obama says the United States is facing "the greatest economic challenge of our lifetime."

In his first news conference since winning the presidential election on Tuesday, he deferred to President George W Bush and his current treasury team, saying that the country has only one government and one president at a time.

However, he pledged that he would confront the crisis head-on after he takes over from Bush in January saying: "Immediately after I become president I will confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity."

"I'm confident a new president can have an enormous impact," he added.

The President-elect spoke after he and Vice President-elect Joe Biden met with economic experts to discuss ways to help the troubled economy.

Obama's transition to power and his early days in office, if not the entire first year of his presidency, will almost certainly be devoted to finding ways to restore economic confidence.

The economy was the top concern of voters demanding a new direction as they elected the young Illinois Democrat who promised change after eight years of Bush's policies - The Sun.