WASHINGTON AND CHICAGO — With the dramatic weekend rescue of Citigroup showing that the financial crisis remains an ongoing threat, President-elect Barack Obama introduced the central players of his new economic team Monday and charged them with developing a plan to stabilize the financial system and the job market.
Flanked in Chicago by officials who will shape his economic recovery plan, including his nominee for Treasury secretary and his chief economic advisor, Obama sought to drive home the message that he is already attacking the financial crisis two months before taking power.
In prior appearances, Obama has cautioned that the nation has only "one president at a time" and that he does not want to intrude on President Bush's prerogatives. But with iconic financial institutions collapsing, he seemed intent on projecting an image of a sober leader determined to move fast.
"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," Obama said at a news conference in his hometown, where he introduced Timothy F. Geithner as his nominee for Treasury secretary and Lawrence Summers as his chief economic advisor.
"If we do not act swiftly and boldly, most experts now believe that we could lose millions of jobs next year," Obama warned.
The push to convey stability also came from Washington, where Bush, standing beside Treasury Secretary Henry M. Paulson on the steps of the Treasury Department, said his administration was working with Obama's transition team. "There is close cooperation," Bush assured.
Obama said his new team, as it writes its recovery plan, would consult with Congress and the Bush administration on its efforts, and that it would brief him daily.
"That work starts today, because the truth is we do not have a minute to waste," he said.
Between Obama's announcement and news of the Citigroup bailout, the stock market rallied for the second day in a row. The two-day surge of 891 points is the largest in percentage terms over two days since October 1987.
By making the nomination of a Treasury secretary his first formal Cabinet announcement, Obama also sent a message that stabilizing the faltering economy would be a central focus of his administration.
