At his first news conference in Chicago, since his victory over Senator John McCain on Tuesday, President-elect Barack Obama said that the economic hardships many Americans are suffering are an “urgent reminder” that swift action is needed to stabilize the financial industry.

Surrounded by a large group of economic advisers, Obama pledged to confront the country’s economic crisis “head on” the moment he is sworn in on January 20. He asked his transition team to work on ideas to help the auto industry in particular.

Obama analyzed the latest news from Wall Street and Washington - of the US economy losing another 240,000 jobs in October, and of dismal quarterly earnings of Ford Motor Company – as having deepened the gloom hanging over the country’s financial situation.

The President-elect said: “It’s not going to be quick, and it’s not going to be easy to dig ourselves out of the hole that we’re in,” and added he wants to see “a rescue plan for the middle class” and an extension of unemployment-insurance benefits.

On the economy, Obama is working with Democratic leaders in Congress on two stimulus packages, which would include more jobless benefits, food stamps, and aid to financially strapped states and cities.

The first package would be smaller, perhaps up to $100 billion, to be passed this month. The second would be larger, including tax cuts for low- and middle-income workers, to be ready by January end.