Obama pledges stimulus to end economy's 'vicious cycle'

CHICAGO: President-elect Barack Obama vowed on Monday to take rapid action on enacting a stimulus plan designed to create 2.5 million jobs and end the economy's current "vicious cycle" of crisis.

At a news conference unveiling his economic team, Obama pledged to "honor the public commitments made by the current administration to address this crisis" following another hefty bailout, this time for Citigroup.

"Right now, our economy is trapped in a vicious cycle," he said, noting that turmoil on Wall Street was spreading far and wide.

"We do not have a minute to waste," he said.

"These extraordinary stresses on our financial system require extraordinary policy responses," Obama said, pledging to enact his stimulus plan as soon as Congress reconvenes in early January.