Obama names his economic team

Jeanne Sahadi,
CNN
Monday November 24, 2008

President-elect Barack Obama named key members of his administration’s economic team Monday, including New York Federal Reserve President Timothy Geithner as his Treasury Secretary nominee and former Harvard President Lawrence Summers as 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 without a thriving Main Street,” Obama said at a press conference Monday in Chicago.

Obama’s announcement came hours after the federal government announced a massive rescue package for Citigroup – which President Bush said he’d spoken with Obama about before it was announced.

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Mission No. 1 over the next few weeks for Obama’s economic team will be hammering out the details of what the president-elect described this weekend as a two-year economic recovery plan intended to create 2.5 million jobs.

Estimates for how much might be spent on a multi-year stimulus package range as high as $500 billion to $700 billion.

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