"With this new and strong team coming in at the side of president-elect Obama, we can be quite confident that efforts to rebuild the financial structure of the country, which is a cornerstone of the economy, will continue in a coordinated and effective way," Republican Sen. Judd Gregg, R-N.H., said in a written statement. "This announcement is good news for Main Street and is a very positive first step by our incoming president."
Sen. Charles Schumer, D-N.Y., suggested the proposal for the stimulus could be as large as $700 billion.
The president-elect also promised during the weekend to create or save 2.5 million jobs in the next two years.
In addition, Obama is considering keeping the Bush tax cuts on the wealthiest Americans for the time being, letting them expire in 2010 instead of moving early to repeal them sooner.
When pressed on the issue, Obama said, "That's something my economic team will be providing me a recommendation on."
It's a delicate balancing act for the soon-to-be-president who said shortly after winning the vote that he would not undercut Bush, saying there could be only one president at a time.
Obama explained his more aggressive tactics during his weekly address to the nation by saying, "We are facing an economic crisis of historic proportions. We now risk falling into a deflationary spiral that could increase our massive debt even further."
Austan Goolsbee, a top economic adviser, was more blunt, saying the "era of dithering" by the Bush administration is almost finished.
Obama has been picking his players and shaping his team at a record pace for an incoming president, but his economic team is going to hit some serious roadblocks and bone-rattling potholes.
The federal government is working out a $306 billion deal to bolster Citigroup, yet another bank that is considered too big to be allowed to fail. The expensive deal may prove to be little more than a Band-Aid, as previous bailouts have demonstrated.
And the country's three major automakers are begging for a rescue. General Motors has claimed that without help, the venerable carmaker won't survive until Obama takes the Oath of Office.
If GM survives, Obama must decide what to do about the ailing Detroit giant. And if GM collapses, Obama will have to cope with the tsunami of joblessness and rippling effects on other industries.
Obama will hold another press conference Tuesday morning to discuss health care, and budget cuts and reforms.