Obama urges Congress to quickly pass rescue plan

By Deborah Charles

CHICAGO (Reuters) - U.S. President-elect Barack Obama on Saturday urged lawmakers to quickly pass at least "a down payment" on a new economic rescue plan to help resuscitate the ailing American economy.

In a radio address that was also published as a YouTube video on his website (www.change.gov), Obama noted that the leaders of G-20 nations were in Washington this weekend to seek solutions to the economic turmoil that has spread around the world.

"I'm glad President Bush has initiated this process because our global economic crisis requires a coordinated global response," Obama said.

"And yet, as we act in concert with other nations, we must also act immediately here at home to address America's own economic crisis."

Obama noted that financial markets are volatile, unemployment insurance claims have jumped to their highest levels since September 11, 2001, and more jobs are disappearing.

"We've lost jobs for 10 straight months -- nearly 1.2 million jobs this year, many of them in our struggling auto industry," he said. "And millions of our fellow citizens lie awake each night wondering how they're going to pay their bills, stay in their homes and save for retirement."

Obama said he was "more hopeful than ever" that the United States will find a way out of the economic slump.

"But we must act right now," he said, noting that Congress was meeting next week to address the spreading impact of the financial crisis.

"I urge them to pass at least a down payment on a rescue plan that will create jobs, relieve the squeeze on families, and help get the economy growing again."

Obama specifically called for help for the more than 1 million Americans who will have run out of unemployment insurance by the end of the year.

"If Congress does not pass an immediate plan that gives the economy the boost it needs, I will make it my first order of business as president," said Obama, who will be sworn in on January 20.

Obama has announced he will resign his Senate seat effective on Sunday, so he will not take part as a senator in the post-election or "lame-duck" session of Congress.

The 47-year-old president-elect said real recovery would require long-term investments in areas like infrastructure, building a green energy economy, overhauling the health care system and improving education.

Doing all this will require not just new policies, but a new spirit of service and sacrifice, where each of us resolves to pitch in and work harder and look after not only ourselves, but each other," he said.

"If this financial crisis has taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers. In this country, we rise or fall as one nation; as one people. And that's how we will meet the challenges of this time -- together."

(Editing by Stacey Joyce)