Obama faces crucial economic challenges

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Meanwhile, there are growing concerns among advocacy groups that a sickening US economy will threaten Obama's pledges to reform healthcare.

A bank employee counts US dollar bank notes. The dollar rose to a one-month high against the euro Tuesday amid a flight to safety as global financial market gyrated on banking sector fears as Barack Obama took office as the 44th president.(AFP/File/Jung Yeon-Je)

Tom Dashle, Director, Health & Human services, said, "It is unacceptable that in a nation of approximately 300 million people - nearly one in six American's don't have health insurance and as we face a harsh and deep recession the problem of the uninsured is likely to grow."

Obama has promised he will fundamentally change the way the second half of the 700 billion US dollar financial bailout fund is spent, focusing some of the relief on housing and small businesses.

Barack Obama, US President, said, "My commitment is that we are going to fundamentally change some of the practices in using this next phase of the programme."

Visiting workers last week at a chilly Midwestern factory, Obama said economic recovery will not happen overnight, and Americans need to be realistic about the situation.

Barack Obama, US President, said, "It's not too late to change course, but only if we take dramatic action as soon as possible."

Analysts believe there is an upside to the tremendous pressure facing Obama.

Thomas Mann, Senior Fellow, Brookings Institute, said, "The magnitude of the challenges and problems he faces are matched by the good will Americans feel toward him and about his election, so he actually has an opportunity now to build on a level, if not trust, of optimism about his election and his transition."

President Obama's immediate task is to boost the flagging US economy while at the same time honoring his campaign promises on the equally difficult issues of health, environment, education and energy.

Editor:Zhang Pengfei