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 The markets don't like uncertainty, so in an effort to provide a little
clarity President-elect Barack Obama named key members of his
administration's economic team Monday at a press conference in Chicago.
As was expected, New York Federal Reserve President Timothy Geithner
was named treasury secretary nominee, and former Harvard President
Lawrence Summers was named the director of the National Economic Council.
"I've
sought leaders who could offer both sound judgment and fresh thinking,
both a depth of experience and a wealth of bold new ideas -- and most of
all, who share my fundamental belief that we cannot have a thriving
Wall Street while Main Street suffers, that in this country we rise
and fall as one nation, as one people," the president-elect said.
In addition, economist Christina Romer was named to be director the Council of Economic Advisors, who provides economic analysis and advice to the president, and Melody Barnes was named director of the Domestic Policy Council. Heather Higginbotham was named deputy director of the Domestic Policy Council. "Vice President-elect Biden and I have assembled an economic team with the vision and expertise to stabilize our economy, create jobs and get America back on track. Even as we face great economic challenges, we know that great opportunity is at hand -- if we act swiftly and boldly. That's the mission our economic team will take on," said President-elect Obama. Obama said his economic team is working on a stimulus package, but while he did not specify a dollar amount, he said it must be big enough to make a difference. "We do not have a minute to waste" because the economy is "trapped in a vicious cycle," Obama said, adding, "We have to make sure that the stimulus is significant enough that it really gives a jolt to the economy." Democratic lawmakers speculated over the weekend that the price tag could reach $700 billion over two years as the nation struggles to emerge from a recession compounded by a credit crunch. "It's going to be costly," the president-elect said. There has also been speculation that the president-elect would delay any tax increase to those making over $250,000 until 2011, when current Bush administration tax cuts expire. But Obama said whether he repeals the tax cuts or lets them expire will depend on the economic team's view on the matter. He also said he would "honor the commitments made by the current administration" to deal with the problems, signaling approval of the Bush administration's latest effort to rescue Citigroup Inc. as well as the broader $700 billion bailout designed to shore up the financial markets. Obama addressed the battered auto industry and said any help to it must be a long-term solution, "not just kicking the can down the road." He said no one wants to see any more job losses, but at the same time the auto industry must realize it needs to retool and recognize changes coming to the energy economy. Obama said he was surprised the heads of the Big Three automakers "didn't have a better thought-out proposal" when they appeared before Congress last week. "Congress was right" not to act immediately on a request for assistance without a clearly defined plan, he said. - Donna Block Categories Deal Video
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