Obama: Economy to get worse before it improves

[onehandle]

Source: AP

WASHINGTON – President-elect Barack Obama said the economy seems destined to get worse before it gets better and he pledged a recovery plan "that is equal to the task ahead."

Obama also said in an interview broadcast Sunday that the survival of the domestic car-making capacity is important, yet any bailout must be "conditioned on an auto industry emerging at the end of the process that actually works."

Less than six weeks before he takes office, Obama said that help for homeowners facing foreclosure is an option as part of his plan. He sidestepped a question about when he plans to raise taxes on wealthy Americans.

Obama's interview on NBC's "Meet the Press" was his most extensive since winning the White House more than a month ago.

Read more: http://news.yahoo.com/s/ap/20081207/ap_on_el_pr/obama