Chicago: US President-elect Barack Obama today said his administration will act "swiftly" to address the "greatest economic challenge of our lifetime" that the country is facing.

"We are facing the greatest economic challenge of our lifetime. We will have to act swiftly to resolve it. I do not underestimate the enormity of the task that lies ahead," the 47-year-old senator from Illinois, who was elected as the 44th US President, said. "We have taken some major action to date and we will take further action," Obama said in his first press conference after his historic victory on November 4.

He said that if the lame-duck Congress fails to pass the stimulus package before he takes office on January 20 next, then passing such a package will be his first priority. "Immediately after I become president, I will confront this economic crisis head on by taking all necessary steps to ease the credit crisis, help hard-working families and restore growth and prosperity," Obama said.

He stressed that the country should devise a rescue plan for the middle class that invests in immediate efforts to create jobs and provide tax relief to struggling families. "Particularly urgent priority is a further extension on unemployment benefits for workers who cannot find work in the increasingly weak economy," said.