Jan. 8, 2009: President-elect Barack Obama finishes speaking about the economy at George Mason University in Fairfax, Va.

President-elect Barack Obama called for "dramatic action" to pull the economy out of recession Thursday, as he made his highest-profile case yet for a nearly $800 billion stimulus plan.

Obama warned of dire consequences if Congress does not act soon, saying the crisis could "linger for years." He predicted that the steady decline would erode everything from jobs to college educations to the country's standing in the world.

"In short, a bad situation could become dramatically worse," he said.

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