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Power is listed on Obama's transition Web site as part of the team reviewing national security agencies. Her duties, according to the site, will be to "ensure that senior appointees have the information necessary to complete the confirmation process, lead their departments, and begin implementing signature policy initiatives immediately after they are sworn in."

In short, she is part of a team that is likely to work directly with Clinton, a potentially awkward situation for the two women. Obama is expected to officially announce Clinton as his choice for secretary of state after the Thanksgiving holiday.

Transition officials declined to comment. A spokesman for Clinton did not respond to an e-mail sent yesterday evening. Power has been on the list of review team officials since mid-November; the Associated Press first called attention to her presence on the list yesterday.

But people close to the transition suggested too much was made of Power's comment at the time, and said that she has made moves to bury the hatchet with Clinton and that the senator accepted those efforts.

If so, that could pave the way for Power to reemerge as a key adviser for the new president after being barred for months from appearing on television as a foreign policy surrogate for Obama.

Power, who is close to Obama, resigned March 7 after being quoted in the Scotsman newspaper saying that Clinton "is a monster" and that "she is stooping to anything. . . . The amount of deceit she has put forward is really unattractive."

The same day the comments were published, Power was forced to resign. In a statement at the time, she said she made "inexcusable remarks that are at marked variance from my oft-stated admiration for Senator Clinton and from the spirit, tenor, and purpose of the Obama campaign."

Then locked in a tight battle with Obama for the Democratic nomination, Clinton responded with a statement urging donors to contribute to show that "there is a price" for the kind of attack politics that Power's comment represented.

After leaving the campaign, Power remained active in the public debate. In an Aug. 13 article in the New York Review of Books, she argued that Obama had an opportunity this year to reverse the decades-long advantage that the Republican Party had with voters on national security and foreign policy issues.

"Although few have focused on this, the Democratic Party today is also in a strong position to show that it will be more reliable in keeping Americans safe during the twenty-first century," she wrote. "If the party succeeds in doing this, it will not only wake up the United States and the world from a long eight-year nightmare; it will also lay to rest the enduring myth that strong and wrong is preferable to smart and right."

Power was at one time considered a contender for a top post in an Obama administration. But her name has not surfaced recently, and she is not listed as a lead official on the State Department review team.

Obama officials have said the review teams will review agency policies, budgets and structures with an eye toward recommending to the new secretaries what is working and what is not.

Workers examine panel at a factory in China, a leader in solar panel manufacturing Wang Xiaochuan/Xinhua/Sipa

Barack Obama's plan to pull the country out of recession has a strong green hue. Conventional wisdom says Washington won't have the stomach or the dollars to tackle long-term issues like climate change or dependence on foreign oil when the economy is in the tank and oil prices have plunged. Wrong conclusion, Obama says. These problems, "left unaddressed, will continue to weaken the economy and threaten national security," he said on Nov. 18 in a video message to a climate summit meeting in California.

His fix? Obama plans to set ambitious targets for reducing emissions that cause global warming—and to invest $15 billion or more per year in energy efficiency, renewables like wind and solar, biofuels, nuclear power, and "clean" coal. Beyond the environmental benefits, says the President-elect, the investment "will also help us transform our industries and steer our economy out of this economic crisis by generating 5 million new green jobs that pay well and can't be outsourced."

Whether or not a "green" stimulus will create millions of American jobs is hotly debated by economists. On the one hand, the seeds of the transformation have already been planted thanks to market forces, such as overall higher energy prices, and government policies like tax credits for renewable energy. But there are also major questions. Many executives and experts say the most effective policy to push America toward a clean, efficient energy future is putting a price on emissions of greenhouse gases like carbon dioxide, thus raising the price of energy. That's a tough sell now to Americans struggling to pay their bills. There's also a danger that the government could steer investments to the wrong technologies. Remember synfuels, President Jimmy Carter's experiment to reduce dependence on foreign oil? Most important, a green stimulus plan from Uncle Sam may end up sending billions of dollars to foreign companies instead of to Main Street, since the U.S. lags in such crucial industries as solar panels and wind turbines. Will green technologies become today's VCRs and flat-panel TVs, invented in the U.S. and commercialized elsewhere?

But the fear of enriching overseas companies simply makes a green stimulus more necessary and urgent, proponents argue. Without a plan like Obama's, which would expand U.S. markets for new technologies, American companies may fall even further behind. Michael R. Splinter, CEO of Applied Materials (AMAT) in Santa Clara, Calif., is a believer in the need for government support. Splinter has seen his business of supplying equipment for factories to make solar panels soar beyond his wildest projections. But 97% of the company's equipment goes to foreign manufacturers, who then sell panels in the U.S. It seems like the U.S. has "given up on manufacturing," Splinter laments. "Right now we are on a path to being a second-tier player in clean energy technology."

A plan like Obama's could turbocharge American industries, Splinter and other executives say. Why have European companies become world leaders in wind and solar power? Because a number of governments guarantee that anyone who supplies renewable power to the electric grid will get a premium price for that power. That cost is then passed along to customers.

POLITICAL LAND MINES

Similar incentives could work magic in the U.S., says Lester Brown, president of the Earth Policy Institute. America already has a vibrant green-energy sector, so the transformation could be rapid. There are upward of 3 million Americans employed in green jobs, ranging from renewable-power startups to businesses with products that reduce waste and pollution or boost energy efficiency.

And even when goods come from foreign companies, some of the jobs will be in the U.S. One growing trend is for European and Asian manufacturers to build factories in America so they can be closer to what promises to be the world's largest market.

Just one hiccup.

If hopes are realized and they get the nod, they've got an even bigger challenge: finding a place to stay within marching -- or driving -- distance to the city.

Band directors, trying to make contingency arrangements, are facing the same struggle as other would-be visitors, with demand high to get near what could be the biggest inaugural celebration in the country's history. It's one thing to find a hotel room for your family or a couch to crash on. It's another to find a block of rooms for a group that may number 200 or more. Plus the drums, tubas and the like.

"The furthest we've ever put a group is Rockville," said Justin Shuler, owner of Group Travel Network, which arranges trips for marching bands and student groups. "Now we're looking at southern Virginia and Pennsylvania. . . . It's impossible to find rooms. It has never been this difficult."

Hotels, he said, are so busy that they don't have to be flexible about a marching band's traveling plans.

The Presidential Inaugural Committee, the group in charge of pulling together the parade and other festivities, is working with city officials to identify alternative accommodations, such as high school gyms and churches that might be suitable for overnight stays.

"Part of our commitment to holding the most open and accessible inaugural activities in history is working closely with officials in the District and surrounding jurisdictions to find creative solutions to the challenge of housing as many of the parade participants who need it," said Josh Earnest, the inaugural committee's director of communications.

Such assistance would be welcomed by parade hopefuls. The District's hotels are just about booked up, along with an additional 70,000 or so hotel rooms in what is known as greater Washington. Houses and condos are getting scooped up on Craigslist.

For the past few weeks, the Lowndes High School marching band, from Valdosta, Ga., has been trying to reserve lodging in hotels around Washington just in case.

The closest they could get? Williamsburg, a 150-mile, 2 1/2 -hour trek to Pennsylvania Avenue on a good day.

"We'll probably leave Williamsburg at 3 or 4 a.m. We're just anticipating the traffic to be horrendous that day," said Charles E. Todd, the school's director of bands.

President-elect Barack Obama today named former Federal Reserve chairman Paul Volcker to head a new advisory panel designed to help guide the administration' s efforts to stabilize the nation's struggling financial system and create jobs.

President-elect Barack Obama named Peter Orszag as his budget director on Tuesday and said his job will be to conduct a thorough review of federal spending programs, "eliminating those programs we don't need and insisting that those we do need operate in a cost-effective way."

With the economy in crisis, Obama said, "Budget reform is not an option. It's a necessity."

Echoing Abraham Lincoln, Obama added, "I will ask my economic team to think anew and act anew."

Orszag is the director of the Congressional Budget Office, a man who the president-elect said "knows where the bodies are buried."

Obama's focus on careful federal spending marked something of a contrast from Monday, when he declared that restoring the economy to health took priority over the budget deficit. He called on Congress to prepare an economic stimulus program for him to sign as soon after Inauguration day as possible. Estimates of the measure range from $500 billion to $700 billion over two years.

"We are going to have to jump-start the economy ... but we have to make sure that those investments are wise. We have to make sure we are not wasting money in every area," he said Tuesday, defining the two objectives that will guide his economic program.

Elected in an Electoral College landslide, Obama claimed "a mandate to move the country in a new direction and not continue the same old practices that have gotten us into the fix we are in."

The president-elect introduces his economy squad. They'll be busy. Here's where to start.

Missing from the list: New Mexico Gov. Bill Richardson, who was reportedly offered the position of secretary of commerce; University of Chicago economist Austan Goolsbee, who is expected to take a slot on the Council of Economic Advisers; and Congressional Budget Office Director Peter Orszag, who has reportedly been selected as director of the president's Office of Management and Budget.

"I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas," Obama said in a Chicago press conference. The president-elect said that all of these nominees "share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers." (Full Text: Obama's Economic Team Announcement)

Despite the impressive credentials of this group, what is more important is what they will do with the economic hand they have been dealt. Late Sunday, Uncle Sam agreed to lend troubled Citigroup (nyse: C - news - people ) an additional $20 billion from its bailout purse and to backstop $306 billion of the firm's troubled loans and securities.

Meanwhile, last week, the heads of General Motors (nyse: GM - news - people ), Chrysler and Ford Motor (nyse: F - news - people ) returned to Detroit, discouraged that they were unable to convince Congress (at least for now) of the need to direct $25 billion in bailout money their way. Aside from a late afternoon rally Friday on the news of Geithner's appointment, equity markets continue to plunge.

Obama at least has seized the moment. Over the weekend, he announced broad plans for a two-year economic stimulus plan that would create 2.5 million jobs. Initial analyses put the price tag anywhere between $500 billion and $700 billion, dwarfing the $150 billion stimulus proposal he put forth on the campaign trail.

That amount, more than the nation has spent over the past six years in Iraq, would rival the sum Congress committed last month to rescuing the country's financial system. It would also be one of the biggest public spending programs aimed at jolting the economy since President Franklin D. Roosevelt's New Deal.

Hints of a hefty new spending program began emerging last week. New Jersey Gov. Jon Corzine (D), an Obama adviser, and Harvard economist Lawrence H. Summers, whom Obama has chosen to lead his White House economic team, both raised the possibility of $700 billion in new spending. Yesterday, Obama adviser and former Clinton administration Labor secretary Robert Reich and Sen. Charles E. Schumer (D-N.Y.) also called for spending in the range of $500 billion to $700 billion.

Transition officials would not confirm that they are considering spending of that magnitude, but they made clear that economic conditions are dire, and suggested that Obama might be forced to delay his pledge to repeal President Bush's tax cuts for the wealthy.

Last week, Goldman Sachs said it expects the economy to shrink even faster by the end of the year, at a 5 percent annualized rate. Meanwhile, the Dow Jones industrial average dropped 5.3 percent for the week; and the nation's largest bank, Citigroup, sought government assistance to avoid collapse.

While Obama has set a goal of creating or preserving 2.5 million jobs by 2011, his economic team -- whose members are scheduled to be formally introduced at a news conference today in Chicago -- have yet to decide how that would be accomplished or how much it would cost.

Still, Austan Goolsbee, a spokesman for Obama on economic issues who is in line to serve on the White House Council of Economic Advisers, yesterday acknowledged that Obama's jobs plan will cost substantially more than the $175 billion stimulus program he proposed during the campaign.

"This is as big of an economic crisis as we've faced in 75 years. And we've got to do something that's up to the task of confronting that," Goolsbee said on CBS's "Face the Nation." "I don't know what the exact number is, but it's going to be a big number."

Republicans quickly criticized the idea of such a vast initiative, saying Congress should instead cut taxes to spur economic growth.

"Democrats can't seem to stop trying to outbid each other -- with the taxpayers' money," House Minority Leader John A. Boehner (R-Ohio) said in a statement. "We're in tough economic times. Folks are hurting. But the American people know that more Washington spending isn't the answer."

With financial markets fluctuating wildly and unemployment rising, Democrats want to push a stimulus package through Congress in January and have it ready for Obama's signature when he takes office Jan. 20. Over the weekend, the president-elect announced that he had instructed his advisers to assemble a massive jobs program that also would make a "down payment" on much of his domestic agenda.

The plan would include new funding for public-works projects to repair the nation's crumbling infrastructure, as well as a fresh infusion of cash to promote green technology and alternative-energy sources. It also would include targeted tax cuts for working families, students, the elderly and job-creating businesses that Obama touted on the campaign trail.