Obama to wrestle with huge economic challenges

The package will includes government spending on public infrastructure, aid to local governments and greater aid to the unemployed and those on food stamps.

Some economists believe the such a new stimulus package would have little effect in the current quarter, while some supporters say it will help pull the economy out of a recession earlier next year and perhaps mitigate the downturn.

Though a recession will likely dominate Obama's agenda, other short- and long-term economic challenges will also feature high on the to-do list, economists and advisers to both candidates said.

Obama has promised to revamp regulations governing Wall Street, work to bring down the costs of health care, boost indigenous energy sources, and fight climate change by setting caps on carbondioxide emissions for big industries.

"To rebuild that middle class, I'll give a tax break to 95 percent of workers and their families," he wrote in an article published by The Wall Street Journal recently. "If you work, pay taxes, and make less than 200,000 dollars, you'll get a tax cut," while the wealthy people who earn more than 250,000 dollars a year, will pay more taxes.

Obama said the reforms will help create two million new jobs by "rebuilding our crumbling infrastructure and laying broadband lines that reach every corner of the country."

"I'll invest 15 billion dollars a year over the next decade in renewable energy, creating five million new, green jobs that pay well, can't be outsourced, and can help end our dependence on Middle East oil," he outlined.

Obama is likely to create a vastly larger economic role for the government and he will also permanently alter the relationship between financial markets and Washington, finish the job of reshaping the U.S. banking system, said the U.S. media.

"The next president is going to have to have two financial SWAT teams," said Barry Eichengreen, professor of economics and political science at the University of California, Berkeley.

"One to stabilize the crisis and staunch the bleeding, the other to focus on the issue of how to sustain long-run economic growth," he said.

Obama also knows the difficulty. "The road ahead will be long. Our climb will be steep," he said late Tuesday, while assuring his supporters he will make the success.

"We may not get there in one year or even one term, but America-- I have never been more hopeful than I am tonight that we will get there. I promise you -- we as a people will get there," said the first black president in the United States.

Editor:Zhang Pengfei