Speaking Saturday during the weekly Democratic Party radio address, Obama said he will task his economic team with developing new jobs by rebuilding the nation's crumbling roads and schools and by investing in alternative energy technologies, like solar and wind power, to wean the United States off imported oil, the Washington publication The Hill reported.

Noting that 1.2 million U.S. jobs had been lost this year, Obama warned "we are facing an economic crisis of historic proportions," and said "it's likely to get worse before it gets better.

"We'll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy," Obama said.

"We'll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead."