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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.

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.