Obama Introduces Economic Team

Calls For Stimulus Package "Right Away" As Tim Geithner Is Announced As His Treasury Secretary Pick

(CBS/AP)  President-elect Barack Obama tapped New York Federal Reserve President Tim Geithner as his treasury secretary on Monday, turning to a veteran of financial crises at home and overseas to lead the rescue of the nation's swooning economy.

At a news conference 57 days before his inauguration, Mr. Obama also chose Lawrence Summers as director of his National Economic Council. Summers was treasury secretary under former President Bill Clinton.

Geithner, 47, is a veteran of financial crises at home and overseas and has worked closely with the Bush administration in recent months.

Mr. Obama also announced two other members of his economic team in the making. He named Christina Romer as chair of his Council of Economic Advisers, and Melody Barnes as director of his White House Domestic Policy Council.

With the economy in crisis, Mr. 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.

Mr. Obama said that recent news "has made it even more clear that we are facing an economic crisis of historic proportions." Offering a grim prediction, he added, "Most experts now believe that we could lose millions of jobs next year."

"The economy is likely to get worse before it gets better," he said in a downbeat forecast, delivered as Americans head into the year-end holiday season.

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.

Mr. Obama said his newly minted economic team offered "sound judgment and fresh thinking" at a time of economic peril.

Obama's principal theme was urgency.

"We do not have a minute to waste," he said, citing the turmoil in the financial markets as well as the deterioration of the broader economy.

At the same time, he expressed confidence the nation would weather the crisis "because we've done it before."

The president-elect was mildly critical of the Big Three automakers, saying he was surprised they did not have a better-thought-out plan for their future before asking Congress to approve $25 billion in emergency loans.

He said once he sees a plan, he expects "we're going to be able to shape a rescue."

Mr. Obama stepped to the microphones one day after his aides urged the incoming Democratic-controlled Congress to work with unusual speed in passing an economic stimulus package. Some lawmakers have said a measure in the range of $700 billion over two years may be passed, in hopes of achieving the president-elect's goal of securing 2.5 million jobs.

The plan is likely to far exceed the $175 billion Mr. Obama proposed during the campaign. It would include an infusion of money for infrastructure projects, new environmental technologies and tax cuts for low- and middle-income taxpayers.

The Republican National Committee criticized Mr. Obama over the plan.

“In his first major economic announcement since the election, President-elect Obama proposed billions of dollars in new government spending that will come at a burdensome cost to American families and small businesses," RNC Spokeswoman Amber Wilkerson said in a statement Monday afternoon. "The ‘cuts and sacrifices’ that President-elect Obama advocates will not be made by his friends in Washington, but rather by job creators facing devastating tax increases across America.”

Mr. Obama aides on Sunday called on the new Congress to pass by the Jan. 20 inauguration legislation that meets Mr. Obama's two-year goal of saving or creating 2.5 million jobs. Democratic congressional leaders said they would get to work when Congress convenes Jan. 6 with bigger Democratic majorities in the House and Senate.

With the wounded economy worsening, the Obama team's new assertiveness was a recognition he needed to soothe financial markets with signs of leadership. It also foreshadowed a more hands-on role by Mr. Obama to influence congressional action during the final weeks of the transition.

"This is as big of an economic crisis as we've faced in 75 years," Obama economic adviser Austan Goolsbee said Sunday on Face The Nation.

"We don't have time to waste here," Obama senior adviser David Axelrod said. "We want to hit the ground running on January 20."

Echoing that, the second-ranking House Democrat, Rep. Steny Hoyer of Maryland, said, "We expect to have during the first couple of weeks of January a package for the president's consideration when he takes office."

While Mr. Obama and his team are focused on the work of the new Congress, they also weighed in work pending before the current one.

Axelrod warned automakers seeking billions in government help to stave off collapse to devise a plan to retool and restructure that they can present to Congress next month. Otherwise, he said, "there is very little taxpayers can do to help them."

Adding to the government's bailout measures was a $20 billion rescue package announced Sunday to keep Citigroup afloat. Citi was another company that made, in retrospect, awful mortgage related investments, reports CBS News correspondent Jeff Glor.

"Citigroup is too large to fail," Mark Zandi of Moody's Economy.com told CBS News. "It's a large, global financial institution. If it were to fail, it would take the rest of the financial system, what's left of it, with it."

President Bush said on Monday that he consulted with Mr. Obama on the Citigroup rescue. Mr. Bush said there is "close cooperation" between his administration and the Obama camp.

Mr. Bush said earlier in the day that the government's dramatic rescue of Citigroup was necessary to "safeguard the financial system" and help the economy recover, and he said there could be more such moves if other institutions need help.

"We have made these kind of decisions in the past. We made one last night. And if need be we will make these kind of decisions to safeguard our financial system in the future," Bush said.

The emphasis on the economy began Saturday when Mr. Obama outlined the framework to save or create 2.5 million jobs by the end of 2010. The scope of the recovery package is far more ambitious than Obama had spelled out during his presidential campaign, when he proposed $175 billion of spending and tax-cutting stimulus.

The plan will include public works projects similar to the New Deal of Franklin Delano Roosevelt - bridge and road building and school repair, reports CBS News correspondent Dean Reynolds. And a significant element will be creating new jobs in environmentally friendly technologies - the "green economy." It also would include his proposals for tax relief for middle- and lower-income workers.

But there were no plans to balance the tax cuts with an immediate tax increase on the wealthy. During the campaign, Mr. Obama said he would pay for increased tax relief by raising taxes on people making more than $250,000.

"There won't be any tax increases in the January package," said one Obama aide, who spoke on condition of anonymity because the details of the Obama package have not been fleshed out.

Mr. Obama could delay any tax increase to 2011, when current Bush administration tax cuts expire.

House Republican leader John Boehner of Ohio urged Mr. Obama to make that explicit. "Why wouldn't we have the president-elect say, `I am not going to raise taxes on any American in my first two years in office?"'

Some economists have endorsed spending up to $600 billion to revive the economy. Sen. Charles Schumer, D-N.Y., and former labor Secretary Robert Reich, a member of Mr. Obama's economic advisory board, both suggested $500 billion to $700 billion.

"I don't know what the number is going to be, but it's going to be a big number," Goolsbee said. "It has to be. The point is to, kind of, get people back on track and startle the thing into submission."

[kansas1946]

Even Obama''s critics think he has assembled a top-notch team to meet this crisis. Republicans need to get on board and support this effort. It is in all of our best interests that he succeed.

[chloemontague]

Ummmmmmmmn Did Obama include in his team his underground evil racist communist terrorist friends? And what about his friends from his secret life....

Larry Sinclair held a meeting at the National Press Club to address his alleged gay relationship with Barack Obama, and answer questions from the Press.

Larry Sinclair stated to the press that he and Barak Obama had gay *** while Obama smoked crack, not once but twice. Once in a limo and the next day in a hotel room. Sinclair stated that the murdered Donald Young, Obamas churches gay choir master told him, by phone, he also had *** with Barack Obama, before Young was MURDERED in December 2007!!!

watch it here

Barack Obama %u2014 Larry Sinclair Press conference Pt 1
(Part 2 gets right to it .. & 3 also)

www.youtube.com/watch?v=5Lrf8DbrJH0

Then watching this video by the infamous Pastor Manning makes sense.... www.youtube.com/watch?v=88V3F6_iUus

OBAMA *** & CRACK & MURDER - EXPOSED why was this not in the press?

[chloemontague]

KENYAN AMBASSADOR Paul Ogego Admits Obama was Born In kenya

%u2018LISTEN TO OUR CALLS TO THE KENYAN EMBASSY ABOUT BARACK OBAMA!%u2019

November 21, 2008

We recently called the Kenyan Embassy and learned some pretty interesting things about our President elect, Barack Obama.

From %u2018Mike In The Morning%u2019 radio show, it goes for just 19mins%u2026 quite entertaining. Obama is so reveled that Kenya had a Public Holiday!

tinyurl.com/69zlcp

[chloemontague]

KENYAN AMBASSADOR Paul Ogego Admits Obama was Born In kenya

%u2018LISTEN TO OUR CALLS TO THE KENYAN EMBASSY ABOUT BARACK OBAMA!%u2019

November 21, 2008

We recently called the Kenyan Embassy and learned some pretty interesting things about our President elect, Barack Obama.

From %u2018Mike In The Morning%u2019 radio show, it goes for just 19mins%u2026 quite entertaining. Obama is so reveled that Kenya had a Public Holiday!

tinyurl.com/69zlcp

[think-people]

WHERE IS TOUGH-TALKING BUSH & CHENEY?

Oh, I know, now that the economy has turned sour and in the worst shape since the Great Depression, the dynamic duo is trying to make a "CUT & RUN" strategy.

Even if Bush never caused any of these national disasters, he is still accountable to the people to fix the problem, or to come up with solutions. Apparently Bush never heard the phrase . . . "The buck stops here".

BUSH IS COLLECTING A "COMMANDER-IN-CHIEF PAYCHECK" WHILE AWOL.

[colonieny]

As a Republican, I feel better. Not one LEfty radical in the bunch.

[perceptions5]

Timothy Geithner is a moderate Republican, Obama said he would appoint Republicans to his administration. And I''m not an Obama contaminated fan at all!!

Geithner is a "free trader" too which is also very important.

So even though I not crazy about the other economic team members especially the ones from Berkeley I do like Geithner and the fact that he has worked, already, with Paulson and the Federal Reserve chief.

[credibility2]

Once again, we''re reminded of the empty rhetoric of Mr. Obama. His plans are grandiose and he refuses to be specific as to how he plans on paying for everything and how he will effect his plans. If anyone actually believes that he''ll be able to make any significant improvement, they''re mistaken. Even his 2.5m new jobs isn''t projected until perhaps 2011. That''s a very long time for those who supported and voted for him to realize any substantive improvements. Let''s hope Congress doesn''t give him a blank check where the Treasury will have to continue printing worthless dollars to pay for everything, all the while the consumer uses worthless currency to buy empty promises and false hopes.

[sw01fl]

I have read through all the comments here and come out of this experience with the following.
1. I see little maturity.

2. Do Not see any creative suggestions.

3. Lack of focus on the future.

4. We need to find new less painful ways to help finance new projects to rebuild a new smart electric grid, new bridges, dams, levies, water and sewer, etc. etc. And to finally give our troups the equipment you think they have but don''t and the list goes on.

5. I see a total waste of energy and time in most of these posts. Please redirect your talents to creating ideas of better ways for us all to consider for our future.

How about using carbon credits to help pay for the proposed plan.

How about finding away to really use many of Telsa''a ideas that have not seen the light of day for 50 years as is also true of so many others like him.

Hope this leads to more productive posts with ideas for our future and stop living in the past. We need to change and do this now or you will not have a future. They may go with the depopulation Plan..

********** More War ************

[dilonsiel]

Obama didn''t say he wasn''t going to tax the rich. What he said is that he wanted a stimulus package that included (among other things) tax cuts for the low and middle class. He said he would wait to see what his economic advisors recommended about whether to repeal or let the tax cuts for the wealthy expire.

He''s selected good economic advisors. We''ll see what they come up with. But it will also be important to see what congress does - both parties.

[auscross1277]

After the Republicans lost this past election... it looks like the Walmart executives have paid off Obama to not take away their tax breaks! I hate the walmart executives! I hate it if Obama doesn''t tax the very rich! Make the rich people pay more taxes! That is what I voted for! I hate rich people and illegal immigrants getting everything in this country, and us hard working citizens get nothing!

[dilonsiel]

Very good press conference. President Elect Obama is handling things quite well so far. I''m looking forward to his next press conference to see what he announces next.

[briannorwood]

CBSisPravda:

Commmon! Enough with the "ist" claims against YOUR President. Judging by his actions so far, he is NOT as socialist, NOT a communist, NOT a racist.

He is just an exceptional individual--the kind that comes around in a generation. Look at what he is surrounding himself with (cabinet-wise).

Do not be afraid. Sensible government is coming!

[briannorwood]

CBSisPravda:

Well somebody better step up. Seems like Dumbya has left the ranch!

[briannorwood]

ChloeMont is a TROLL exposed.

Who does she work for?

[legacyabq]

Chloe et al

I feel sorry for you if you think, ahem , a youtube video is a reliable source of credible information..
American ignorance and gullibility at it''s finest!
Grow some synapses and get some critical thinking skills.. Nobody but GOP trolls cares about stupid salacious youtube videos that implicate Mr Obama for silly kiddy stuff like what you pedal.

Get real, ok tex?

[kansas1946]

Maybe the "press" is not covering it because this time in front of the camera was bought and paid for by a lunatic. As least we know his disbarred lawyer is well hung..


*********************************
Of course, the club had made clear for some time that it should not be viewed as endorsing Mr. Sinclair''s claims simply for having agreed to host his mind-numbingly preposterous litany -- heavens, no! All that could be said for the institution was that it was happy to rent out its space to anyone who might be willing to pay in order to switch on the microphone.

And pay Sinclair did -- for the venue and its microphone, as well as for a kilted lawyer (with a suspended license) named Montgomery Blair Sibley, who informed those assembled that his preferences in dress were arrived at as a way to secure comfort for his unusually large sexual organs. "I don''t know why men wear pants," he said with a poker face. "It''s a function of male genitalia. If you''re size normal or smaller, you''re probably comfortable with [pants]. ... Those at the other end of the spectrum find them quite confining."

"I asked him to wear a suit and tie," Mr. Sinclair said ruefully. Then, he admitted to suffering from a brain tumor.

[chloemontague]

OBAMA *** & CRACK & MURDER - EXPOSED why was this not in the press?
Larry Sinclair held a meeting at the National Press Club to address his alleged gay relationship with Barack Obama, and answer questions from the Press.

Larry Sinclair stated to the press that he and Barak Obama had gay *** while Obama smoked crack, not once but twice. Once in a limo and the next day in a hotel room. Sinclair stated that the murdered Donald Young, Obamas churches gay choir master told him, by phone, he also had *** with Barack Obama, before Young was MURDERED in December 2007!!!

watch it here

Barack Obama %u2014 Larry Sinclair Press conference Pt 1
(Part 2 gets right to it .. & 3 also)

www.youtube.com/watch?v=5Lrf8DbrJH0

Then watching this video by the infamous Pastor Manning makes sense...
www.youtube.com/watch?v=88V3F6_iUus

[flsunjnky]

Ah yes, and I see that the McCain Robocallers have
found the internet to play with too, spewing fear,
hate, and misconception. No sense in trying to
defend failed policy, stay the course, or 4 more
years, is there?

[kansas1946]

Geeze. What happened in the last couple of hours. Looks like the conspiracy theorists and the Art Bell crowd took over the board!!