(RTTNews) - The litany of challenges facing the U.S. economy requires bold action and assistance from the business community, President Barack Obama said Friday. Speaking to the Business Council at the White House, Obama predicted that the long-term recovery would take “years, not months.”

“Many of your businesses are under tremendous pressure, with revenues falling and credit drying up,” Obama said. “You are feeling directly or indirectly the reverberations of a financial crisis which has upended this economy.”

Obama said his administration would be looking to the business community “for your help not only crafting the policies of the 21st century, but crafting a government for the 21st century.”

“Your best practices should be our best practices,” the President added.

While businesses are facing “vast.varied” challenges, Obama touted his Economic Recovery and Reinvestment Plan as the best way to tackle those obstacles and “turn adversity into opportunity.”

The president noted the “spirited debate” over the stimulus bill that has taken place on Capitol Hill over the past few weeks. He praised the different views of the stimulus but urged Congress to act despite those differences.

Obama pledged that the “goal at the heart of this plan is to create jobs,” 90 percent of which would be in the private sector, he said.

“Passing this plan is a critical step,” the president said, although he noted that it is only the first step in jumpstarting the economy.

“To truly address this economic crisis, we need to address the crisis in our financial sector to get credit flowing again to families and businesses,” he said. “We need to confront the crisis in the housing sector, that has been at the root of our economic challenges.we need comprehensive financial reform in the way government relates to the financial markets.(and) we have to approach our budget in a responsible way.”

“It will take all of these steps to not only lead an economic recovery, but to lead a long-term path to economic prosperity,” Obama added.

Obama concluded his remarks to the Business Council by leaving his door open to members.

“I am confident that if we are smart and if we are bold, if we work together, if we are willing to cast aside that which has already failed us, we can and will lead our nation through this transformative moment and come out stronger and more prosperous than ever before,” the president said.

Congress is expected to vote on a final version of the stimulus plan this weekend, possibly putting it on Obama’s desk by his deadline of President’s Day.

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