You will be redirected back to your article in seconds

Obama introduces economic team

President elect picks top advisers for posts

With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package “right away” to restore growth and create jobs.

“Most experts now believe that we could lose millions of jobs next year,” Obama said at a somber news conference 57 days before he takes the oath of office.

He declined to say how big a spending package he wants to revive the economy, but he said, “It’s going to be costly.” Some Democratic lawmakers are speculating about a two-year measure as large as $700 billion.

The president-elect introduced the top economic advisers for his new administration, beginning with New York Federal Reserve President Tim Geithner to be his treasury secretary. Geithner, 47, is a veteran of financial crises at home and overseas and has worked closely with the Bush administration in recent months.

Obama chose Lawrence Summers as director of his National Economic Council. Summers was treasury secretary under former President Bill Clinton.

More Biz

  • Oprah Responds to Trump Tweet Claiming

    Oprah Responds to Trump's Tweet Claiming Bias in '60 Minutes' Segment

    With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package “right away” to restore growth and create jobs. “Most experts now believe that we could lose millions of jobs […]

  • Music Theatre International

    Drew Cohen Named Global CEO of Music Theatre International

    With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package “right away” to restore growth and create jobs. “Most experts now believe that we could lose millions of jobs […]

  • 'Daily Show's' Michelle Wolf to Host

    'Daily Show' Contributor Michelle Wolf to Host White House Correspondents' Dinner

    With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package “right away” to restore growth and create jobs. “Most experts now believe that we could lose millions of jobs […]

  • Harvey Weinstein ousted

    Weinstein Co. Sued by Lindt Chocolatier Over Canceled Golden Globes Party

    With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package “right away” to restore growth and create jobs. “Most experts now believe that we could lose millions of jobs […]

  • Pandora Shares Surge as Fourth-Quarter Subscription

    Pandora Shares Surge as Fourth-Quarter Subscription Revenue Climbs 63%

    With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package “right away” to restore growth and create jobs. “Most experts now believe that we could lose millions of jobs […]

  • Eric Schneiderman

    Weinstein Co. Deal Moving Ahead After Three-Hour Meeting With Attorney General

    With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package “right away” to restore growth and create jobs. “Most experts now believe that we could lose millions of jobs […]

More From Our Brands

Access exclusive content