We woke the morning after the election to more sobering news about the state of our economy. The 240,000 jobs lost in October marks the 10th consecutive month that our economy has shed jobs. In total, we’ve lost nearly 1.2 million jobs this year, and more than 10 million Americans are now unemployed. Tens of millions of families are struggling to figure out how to pay the bills and stay in their homes. Their stories are an urgent reminder that we are facing the greatest economic challenge of our lifetime, and that there is no quick fix to resolve it.

President-elect Obama says the economy is his number one priority after he becomes President. He promises to confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity.

Obama met immediately after Election Day with members of his Transition Economic Advisory Board, who will help guide the work of his transition team in developing a strong set of policies to respond to this crisis. They discussed several of the most immediate challenges facing our economy and key priorities on which to focus on in the days and weeks ahead:

First, the Obama Administration needs a rescue plan for the middle class that invests in immediate efforts to create jobs and provides relief to families that are watching their paychecks shrink and their life savings disappear. A particularly urgent priority is a further extension of unemployment insurance benefits for workers who cannot find work in the increasingly weak economy. A fiscal stimulus plan that will jump-start economic growth is long overdue – and they should get it done.

Second, they must address the spreading impact of the financial crisis on other sectors of our economy: small businesses that are struggling to meet their payrolls and finance their holiday inventories; and state and municipal governments facing devastating budget cuts and tax increases. They must also remember that the financial crisis is increasingly global and requires a global response.

The news coming out of the auto industry this week reminds us of the hardship it faces – hardship that goes far beyond individual auto companies to the countless suppliers, small businesses and communities throughout our nation who depend on a vibrant American auto industry. The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil. As a result, a high priority for the transition team is to work on additional policy options to help the auto industry retool, weather the financial crisis, and succeed in producing fuel-efficient cars here in the United States.

Third, they will review the implementation of this Administration’s financial program to ensure that our government’s efforts are achieving their central goal of stabilizing financial markets while protecting taxpayers, helping homeowners and not unduly rewarding the management of financial firms that are receiving government assistance. It is critical that the Treasury work closely with the FDIC, HUD and other government agencies to use the substantial authority they already have to help families avoid foreclosure and stay in their homes.

Finally, as they monitor and address these immediate economic challenges, the new administration will be moving forward in laying out a set of policies that will grow our middle-class and strengthen our economy in the long-term. They cannot afford to wait on moving forward on the key priorities that candidate Obama identified during the campaign, including clean energy, health care, education and tax relief for middle class families.

Fixing the economy will be no easy matter. After eight years of mismanagement by the Bush Administration, the economy is in a shambles, the current recession deepening daily. President Obama will have much to do when he takes office and little time to do it. One thing is certain: There will be no quick fix as far as the economy is concerned.