Obama unveils economic team

(AP) - With the economy in crisis, President-electBarack Obama called on the new Congress to act quickly in passing acostly stimulus package to create jobs as a follow-up to thehundreds of billions of

News 12 Staff

Nov 24, 2008, 6:09 PM

Updated 5,721 days ago

Share:

(AP) - With the economy in crisis, President-electBarack Obama called on the new Congress to act quickly in passing acostly stimulus package to create jobs as a follow-up to thehundreds of billions of dollars the Bush administration hascommitted to rescue financial markets.
"The economy is likely to get worse before it gets better,"Obama said in a downbeat forecast, delivered 57 days before hetakes the oath of office and with Americans heading into theyear-end holiday season.
"Most experts now believe that we could lose millions of jobsnext year," he said, urging the newly elected Congress to actquickly on his plans after opening its session on Jan. 6.
At a news conference, Obama was critical of the Big Threeautomakers, saying he was surprised they did not have abetter-thought-out plan for their future before asking Congress toapprove $25 billion in emergency loans.
He said once he sees a plan, he expects "we're going to be ableto shape a rescue."
Obama declined to say how large a stimulus package he wants fromCongress. Democratic lawmakers speculated over the weekend that theprice tag could reach $700 billion over two years as the nationstruggles to emerge from a recession compounded by a credit crunch."It's going to be costly," the president-elect said.
Obama made his comments as he unveiled the top members of hiseconomic team, beginning with New York Federal Reserve PresidentTim Geithner to be his treasury secretary. Geithner, 47, is aveteran of financial crises at home and overseas and has workedclosely with the Bush administration in recent months.
Obama chose Lawrence Summers as director of his NationalEconomic Council. Summers was treasury secretary under formerPresident Bill Clinton.
Obama said his newly minted economic team offered "soundjudgment and fresh thinking" at a time of economic peril.
He expressed confidence the nation would weather the crisis"because we've done it before."
Obama also announced two other members of his economic team inthe making. He named Christina Romer as chair of his Council ofEconomic Advisers, and Melody Barnes as director of his White HouseDomestic Policy Council.
Obama's principal theme was urgency.
"We do not have a minute to waste," he said, citing theturmoil in the financial markets as well as the deterioration ofthe broader economy.
He also said he would "honor the commitments made by thecurrent administration" to deal with the problems, signalingapproval of the Bush administration's latest effort to rescueCitigroup as well as the broader $700 billion bailout designed toshore up the financial markets.
Bush said earlier in the day that the government's dramaticrescue of Citigroup was necessary to "safeguard the financialsystem" and help the economy recover, and he said there could bemore such moves if other institutions need help.
"We have made these kind of decisions in the past. We made onelast night. And if need be we will make these kind of decisions tosafeguard our financial system in the future," Bush said.
As a candidate, Obama was a supporter of the $700 billionbailout measure.


More from News 12
2:00
Wyandanch residents demand answers nearly one year after investigation began into grade fixing allegations

Wyandanch residents demand answers nearly one year after investigation began into grade fixing allegations

1:45
Muggy Thursday with chance for storms; less humid weekend ahead

Muggy Thursday with chance for storms; less humid weekend ahead

2:15
Another man pleads not guilty  in a Nassau County burglary ring that started last summer

Another man pleads not guilty in a Nassau County burglary ring that started last summer

0:41
Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

0:43
Officials: Fire breaks out at Elmont home

Officials: Fire breaks out at Elmont home

0:15
Officials: Car fire in Hicksville spreads to home, no injuries reported

Officials: Car fire in Hicksville spreads to home, no injuries reported

2:13
Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

0:15
Police: Teen struck by car while riding bike in Rockville Centre

Police: Teen struck by car while riding bike in Rockville Centre

1:16
Two LI natives go for gold at Summer Olympics

Two LI natives go for gold at Summer Olympics

1:56
Nassau Democrats block vote on borrowing until grant money released

Nassau Democrats block vote on borrowing until grant money released

1:43
Bay Shore Assembly of God school's sudden closure leaves parents scrambling

Bay Shore Assembly of God school's sudden closure leaves parents scrambling

2:42
'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

1:26
Riverhead BOE approves plan to bring resource officers to schools

Riverhead BOE approves plan to bring resource officers to schools

0:27
Farmingdale parent files lawsuit in connection to deadly bus crash

Farmingdale parent files lawsuit in connection to deadly bus crash

0:26
Police: Suspect wanted for robbing Stop & Shop in East Meadow

Police: Suspect wanted for robbing Stop & Shop in East Meadow

0:28
Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

0:18
Volunteers plant trees at Oakdale facility for people with developmental disabilities

Volunteers plant trees at Oakdale facility for people with developmental disabilities

0:23
Police: Third teen arrested for causing $600K in damage to Shelter Island home

Police: Third teen arrested for causing $600K in damage to Shelter Island home

1:38
Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game

Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game

0:16
Riverhead police chief announces departure from department

Riverhead police chief announces departure from department