President-elect Barack Obama tapped New York Federal Reserve President Tim Geithner as his treasury secretary on Monday, turning to a veteran of financial crises at home and overseas to lead the rescue of the nation's swooning economy.
At a news conference 57 days days before his inauguration, Obama also chose Lawrence Summers as director of his National Economic Council. Summers was treasury secretary under former President Bill Clinton.
Obama said that recent news "has made it even more clear that we are facing an economic crisis of historic proportions." Offering a grim prediction, he added, "Most experts now believe that we could lose millions of jobs next year."
He said his newly minted economic aides offered "sound judgment and fresh thinking" at a time of economic peril.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
CHICAGO (AP) - Eager to calm economic anxieties, President-elect Barack Obama is rolling out an economic vision that will require congressional cooperation even before he settles into his new desk in the White House's Oval Office.
Obama will introduce his new economic leadership team Monday, a key step toward enacting a huge new economic recovery plan that aims to save or create 2.5 million jobs over the next two years.
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