Obama says Economic Ammunition Running Low

*(* FILE ** In this Nov. 26, 2008 file photo, President-elect Barack Obama listens to a reporter's question during a news conference in Chicago. (AP Photo/Charles Dharapak, File)
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CHICAGOPresident-elect Barack Obama says the Federal Reserve is "running out of the traditional ammunition" to deal with a recession.

He spoke hours before the Fed is expected to lower a key interest rate from its current level of one percent.

Obama said rates are getting about as low as they can get. He says tools are still available, but it's critical for other branches of government to "step up."

He says an economic recovery plan is still "absolutely critical."

Obama says his economic team is meeting today, working on what he calls a "bold agenda."