Obama tackles US economic crisis

US president-elect Barack Obama has given his diagnosis of the United States’ economic situation and the...

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US president-elect Barack Obama has given his diagnosis of the <?xml:namespace prefix="st1" ns="urn:schemas-microsoft-com:office:smarttags"?><place w:st="on"><country-region w:st="on">United States’</country-region> economic situation and the outlook was bad.

Obama, who will be inaugurated in two weeks time, said the economy appeared dismal and was not getting any better.

Obama said urgent action was needed for the country to rebound from the greatest economic crisis since the 1930s.

“We have to taken whatever steps are required to make sure it is stabilised. We are in a very difficult spot the economy is bad and the situation is getting worse."