Appearing at his first news conference since his victory on Tuesday, a somber President-elect Barack Obama said the country was in "the greatest economic challenge of our lifetime."
A text of his initial statement is here.
Update: Obama apologizes to Nancy Reagan over a comment he made, referring to contact dead ex-presidents via "Nancy Reagan seances."
“President-elect Barack Obama called Nancy Reagan today to apologize for the careless and off handed remark he made during today’s press conference," said transition spokeswoman Stephanie Cutter. "The President-elect expressed his admiration and affection for Mrs. Reagan that so many Americans share and they had a warm conversation."