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, 6:06 PM

Updated 5,718 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
2:34
What are the next steps for democrats as Biden drops out of 2024 presidential race?

What are the next steps for democrats as Biden drops out of 2024 presidential race?

2:15
Mix of sun and clouds in New Jersey before pop-up showers, storms this evening

Mix of sun and clouds in New Jersey before pop-up showers, storms this evening

1:44
NJ Transit commuters experience another round of delays due to Amtrak overhead wire issue

NJ Transit commuters experience another round of delays due to Amtrak overhead wire issue

1:27
‘Too old.’ ‘A surprise.’ ‘It’s mature.’ New Jersey residents react to Biden’s decision to step down

‘Too old.’ ‘A surprise.’ ‘It’s mature.’ New Jersey residents react to Biden’s decision to step down

2:32
Multiple alarm fire damages Bayonne home; no injuries

Multiple alarm fire damages Bayonne home; no injuries

2:18
Do you know how accurate your credit report is? Kane in Your Corner shows you how to spot, fix mistakes

Do you know how accurate your credit report is? Kane in Your Corner shows you how to spot, fix mistakes

0:19
Parking garage fire causes Stop & Shop in Union to close

Parking garage fire causes Stop & Shop in Union to close

0:39
Olympics spotlight: New Jersey athletes competing at the Paris Olympic Games

Olympics spotlight: New Jersey athletes competing at the Paris Olympic Games

1:51
Made in New Jersey: The Healing Bras provides relief during painful moments

Made in New Jersey: The Healing Bras provides relief during painful moments

1:00
NJ Democratic lawmakers thank President Biden for his service in wake decision to step down

NJ Democratic lawmakers thank President Biden for his service in wake decision to step down

4:22
How VP Kamela Harris could get presidential nomination after the end of Biden's reelection bid

How VP Kamela Harris could get presidential nomination after the end of Biden's reelection bid

1:33
President Biden announces end of 2024 bid for presidency; endorses VP Kamala Harris for pick

President Biden announces end of 2024 bid for presidency; endorses VP Kamala Harris for pick

2:08
National and local lawmakers stunned by Biden's decision not to seek reelection

National and local lawmakers stunned by Biden's decision not to seek reelection

Officials release statements following President Biden's decision to end reelection bid

Officials release statements following President Biden's decision to end reelection bid

0:56
Belleville church hosts blood drive to combat shortage over summer

Belleville church hosts blood drive to combat shortage over summer

1:01
Edison High School assistant principal accused of making threats to Muslim students

Edison High School assistant principal accused of making threats to Muslim students

0:17
Police: Stratford man killed in motorcycle crash near Tinton Falls

Police: Stratford man killed in motorcycle crash near Tinton Falls

0:27
Delta: Unaccompanied minor travel paused following global technology outage

Delta: Unaccompanied minor travel paused following global technology outage

0:34
Over 1,600 U.S. flights canceled Saturday due to global technology outage

Over 1,600 U.S. flights canceled Saturday due to global technology outage

0:19
Police: 4 people injured in East Windsor crash

Police: 4 people injured in East Windsor crash