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Obama 'to unveil Treasury chief' Obama 'to unveil economic team'
(about 12 hours later)
US President-elect Barack Obama will name Timothy Geithner as his choice for the key role of treasury secretary on Monday, a senior adviser says. US President-elect Barack Obama is set to unveil his economic team.
Senior strategist David Axelrod told US TV networks that Mr Geithner, currently head of the Federal Reserve Bank of New York, was the "right man" for the job. He is expected to name Timothy Geithner, the current chairman of the Federal Reserve Bank of New York, as his treasury secretary.
Unconfirmed reports naming Mr Geithner first came on Friday, boosting New York shares by 6.5% after days of losses. Mr Geithner was the "right man" for the key post, senior Obama strategist David Axelrod told US TV networks.
On Saturday, Mr Obama said the economy needed to create 2.5m jobs by 2011. Lawrence Summers, who was treasury secretary under President Bill Clinton, is expected to be named as head of Mr Obama's National Economic Council.
In a weekly address, he said he wanted to rebuild America's ageing infrastructure, including roads and bridges, as well as develop sources of renewable energy. If the appointment is confirmed, the former Harvard University president would be central to drafting a two-year, multi-faceted economic stimulus plan that the president-elect has promised, says the BBC's James Coomarasamy in Washington.
Mr Obama has said the economy needed to create 2.5m jobs by 2011.
In a weekly address on Saturday, he said he wanted to rebuild America's ageing infrastructure, including roads and bridges, while developing sources of renewable energy.
Experience stressedExperience stressed
Mr Obama is delaying other cabinet announcements until after Thursday's Thanksgiving holiday but he has decided his key economic appointments cannot wait, our correspondent says. KEY APPOINTMENTS Chief of staff: Rahm Emanuel, a deputy chief of staff to Bill ClintonSenior advisers: David Axelrod, Valerie Jarrett, Peter Rouse and John Podesta (formerly chief of staff to Bill Clinton)Press secretary: Robert GibbsWhite House counsel: Greg Craig, formerly special counsel to Bill ClintonVice-president's chief of staff: Ron Klain, formerly chief of staff to Al GoreStaff secretary: Lisa Brown, formerly counsel to Al Gore Obama's team so farProfile: Timothy Geithner
The president-elect's new economic team will be charged with revitalising the US economy, which is faltering badly amid the global downturn.The president-elect's new economic team will be charged with revitalising the US economy, which is faltering badly amid the global downturn.
KEY APPOINTMENTS Chief of staff: Rahm Emanuel, a deputy chief of staff to Bill ClintonSenior advisers: David Axelrod, Valerie Jarrett, Peter Rouse and John Podesta (formerly chief of staff to Bill Clinton)Press secretary: Robert GibbsWhite House counsel: Greg Craig, formerly special counsel to Bill ClintonVice-president's chief of staff: Ron Klain, formerly chief of staff to Al GoreStaff secretary: Lisa Brown, formerly counsel to Al Gore class="" href="/1/hi/world/americas/us_elections_2008/7716467.stm">Obama's team so far class="" href="/1/hi/world/americas/us_elections_2008/7744755.stm">Profile: Timothy Geithner Mr Geithner, 47, is expected to work with Lawrence Summers, a former treasury secretary in the Bill Clinton White House who has also served as president of Harvard University. Unconfirmed reports naming Mr Geithner first came on Friday, boosting New York shares by 6.5% after days of losses.
Mr Summers is likely to be named as head of the president's National Economic Council, reports have said. The 47-year-old worked closely with Mr Summers at the treasury during the 1990s, and reports suggest they have a strong working relationship.
The pair worked together closely at the Treasury during the 1990s, with reports suggesting they have a strong working relationship.
Speaking on Sunday talk shows, Mr Axelrod, the chief campaign strategist who is taking up a role as a senior advisor to the incoming president, praised Mr Geithner's experience and ability.Speaking on Sunday talk shows, Mr Axelrod, the chief campaign strategist who is taking up a role as a senior advisor to the incoming president, praised Mr Geithner's experience and ability.
"Tim Geithner is someone who had experience in dealing with economic crises as the assistant secretary of treasury for international affairs in the '90s," he said."Tim Geithner is someone who had experience in dealing with economic crises as the assistant secretary of treasury for international affairs in the '90s," he said.
"He's intimately involved with the situation now in his role as president of New York Fed [Federal Reserve]."He's intimately involved with the situation now in his role as president of New York Fed [Federal Reserve].
"By temperament and experience, he's the right man to lead the Treasury now," Mr Axelrod added. "By temperament and experience, he's the right man to lead the Treasury now," added Mr Axelrod.
Lawrence Summers was treasury boss at the close of the Clinton yearsGiving his first Sunday interviews since accepting Mr Obama's offer to become a senior advisor, Mr Axelrod said the incoming administration was considering all aspects of the economic crisis in its efforts to drag the US away from recession. Pledge reconsidered?
Giving his first Sunday interviews since becoming a senior adviser to Mr Obama, Mr Axelrod said the incoming administration was considering all aspects of the economic crisis in its efforts to drag the US away from recession.Lawrence Summers was treasury head at the close of the Clinton years
Speaking to ABC News, he refused to deny that Mr Obama was considering an economic stimulus package in excess of the $175 billion (£118bn) he pledged during the election campaign.Speaking to ABC News, he refused to deny that Mr Obama was considering an economic stimulus package in excess of the $175 billion (£118bn) he pledged during the election campaign.
Charles Schumer, a leading Democratic senator, said the figure needed to be somewhere between $500bn and $700bn, Reuters news agency reported.Charles Schumer, a leading Democratic senator, said the figure needed to be somewhere between $500bn and $700bn, Reuters news agency reported.
The president-elect would do "what's necessary", Mr Axelrod told ABC, adding: "I think we're going to have to do a combination of things to get the economy moving again."The president-elect would do "what's necessary", Mr Axelrod told ABC, adding: "I think we're going to have to do a combination of things to get the economy moving again."
Mr Axelrod also said plans to repeal President George W Bush tax cuts for top earners, another campaign pledge of Mr Obama's, were being reconsidered.
The tax cuts are currently due to expire in 2010, but Mr Obama had promised to roll them back upon taking office.
Mr Axelrod ruled out a "blank cheque" bail-out of struggling auto manufacturers, who saw their requests for federal funding turned down by the outgoing Congress during the week.Mr Axelrod ruled out a "blank cheque" bail-out of struggling auto manufacturers, who saw their requests for federal funding turned down by the outgoing Congress during the week.
They would be asked to return to Congress in December with a plan, not just "an expression of need", he said.They would be asked to return to Congress in December with a plan, not just "an expression of need", he said.