Washington, Nov 08: Faced with the task of resurrecting a flagging economy, US President-elect Barack Obama on Saturday assured the nation that he will assume office well prepared to address the financial crisis as there is not "a moment to lose".

In his first weekly radio address since being elected to the US top office, Obama said while he did not "underestimate the enormity of the task," but his administration will "hit the ground running on January 20th".

Obama said he is working to put in place a team that is ready to address the issues immediately after he takes office in January and he was sure a "resilient" America will see the crisis through.

"While we must recognise we only have one President at a time and that President Bush is the leader of our government, I want to ensure that we hit the ground running on January 20th because we don`t have a moment to lose," Obama said.

The senator from Illinois, who held a meeting with his economic advisers yesterday, also asked the nation to unite in the face of the ongoing economic crisis.

"We`ve taken some major actions to date, and we will need further actions during this transition and subsequent months. Some of those choices will be difficult, but America is a strong and resilient country," he added.

The first black President elect of the US, who defeated Republican John McCain comprehensively, praised voters for exercising their franchise and said he would work with President George W Bush in a transition of power.

"This speaks to a fundamental recognition that here in America we can compete vigorously in elections and challenge each other`s ideas, yet come together in service of a common purpose once the voting is done," he said.

Bureau Report