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Friday, August 22, 2014

Wednesday, November 26, 2008
International

Obama pushes for swift action

He unveils economic team

President-elect Barack Obama was set to expand his call for swift action to revive the stricken US economy yesterday in his second press conference in as many days focused on unveiling his economic team.

Obama urged Congress Monday to get to work on a new stimulus package "right away" so he could sign it as soon as he takes office on January 20, warning there is not a "minute to waste" in dealing with an economy that is "trapped in a vicious cycle."

He declined to reveal the cost of a plan that some reports said could top 700 billion dollars (545 billion euros) but said: "It is going to be of a size and scope that is necessary to get this economy back on track."

After touting a plan to create 2.5 million jobs through a spending spree on national infrastructure, Obama was expected to detail plans to slash the federal budget at a press conference here at 1700 GMT.

Obama nominated New York Federal Reserve president Timothy Geithner to take charge of the Treasury and Washington's existing 700-billion-dollar bailout for troubled financial institutions as the US administration announced its latest rescue deal, this time for Citigroup.

Vowing to uphold President George W. Bush's far-reaching market commitments, the Democrat said: "We'll need to bring together the best minds in America to guide us and that is what I've sought to do in assembling my economic team."

They will be getting to work immediately to develop recommendations for the stimulus plan and to "consult with Congress, the current administration, and the Federal Reserve on immediate economic developments over the next two months," he said.

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