In his first news conference since becoming the President-elect, Barack Obama said the nation is facing a great economic challenge, and once in office, his first priority would be to resolve it.

?I do not underestimate the enormity of the task that lies ahead,? Obama said, addressing members of the media Friday.

Click here to view Obama?s news conference

Flanked by his transition team of advisors, Obama said he will ask President Bush to work with him and come up with another stimulus package, either before or immediately after his inauguration on Jan.20.

?My priority will be how to grow the economy and how to create more jobs,? the president-elect said.

Obama?s first press conference comes on the heels of more bad economic news: The government reported that the unemployment rate had jumped from 6.1 percent in September to 6.5 percent in October, while the three biggest American automakers reported $3 billion in losses.

With talks of prolonged recession in the air, it is expected that at least during the first half of his term Obama will focus on economy, job creation and tackling the housing crisis by preventing foreclosures.