Obama assembles team to work on $700bn economic package
BARACK Obama yesterday prepared to name his top economic team as he worked on plans designed to shake the United States out of its worst financial crisis in decades.
The president-elect was today expected to announce who he has chosen to lead his administration's efforts to revive the economy.
Transition aides have already leaked the names of candidates for the two top jobs – Timothy Geithner, 47, president of the New York Federal Reserve Bank, is to be Treasury secretary, and Lawrence Summers, 53, a former Treasury secretary under President Bill Clinton, is to be director of the National Economic Council.
The two Clinton-era veterans have worked closely together and both command wide respect in financial markets. US stock prices rallied more than 6 per cent on Friday when the news broke.
Mr Obama has called for a two-year economic stimulus package that would include middle-class tax cuts and spending on projects like roads and bridges.
Senator Charles Schumer, a New York Democrat, put the figure at between $500 billion and $700 billion and said the plan could be ready by the time Obama is inaugurated on 20 January.
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Tuesday 29 May 2012
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