Obama takes on economic crisis, names rescue team

TEAM OBAMA:Obama announced on Saturday his plan to create 2.5 million jobs.

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Chicago: President-elect Barack Obama introduced his all-star economic team to revive the country's crumbling economy.

“Today, Vice President-elect Biden and I are pleased to announce the nomination of four individuals who meet these criteria to lead our economic team,” says Barack Obama.

With that much awaited announcement, US President elect Barack Obama set in motion his economic recovery plan. Obama announced on Saturday his plan to create 2.5 million jobs, and at the helm of the endeavour is Timothy Geithner, who currently heads the New York Federal Reserve Bank.

“Timothy Geithner as secretary of treasury; Lawrence Summers, as the director of our National Economic Council; Christina Romer, as chair of the Council of Economic Advisers; and Melody Barnes, as director of domestic -- the Domestic Policy Council,” added the president-elect.

Obama said the team would present their initial recommendations in the coming weeks.

“I've asked my economic team to consult with Congress, the current administration, and the Federal Reserve on immediate economic developments over the next two months.

It is my hope that the new Congress will begin work on an aggressive economic recovery plan when they convene in early January so that our administration can hit the ground running,” he further added.

In his address, Obama resolved to bolster the flagging auto industry and to lift his country's plunging economy, promising to honour the current administration's commitments to address the crisis.