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Obama: U.S. Faces “Greatest Economic Challenge”

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.

Full video.

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."

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