"We're going back to an old role for secretary of treasury where they are the chief economic spokesman and chief economic formulator," Ken Duberstein, President Reagan's former chief of staff, told "GMA."
Stephanopoulos said that Obama is also likely to appoint an emergency economic committee that could include heavyweights like former Treasury Secretary Bob Rubin; former head of Clinton's council of economic advisers Laura Tyson; maybe former Federal Reserve Board chair Paul Volcker; and maybe even billionaire investor Warren Buffett.
Nevertheless, American and European markets fell slightly Monday morning and U.S. markets fell upon opening.
There is pressure on Obama to quickly designate other top spots and he is expected to move fast to designate secretaries of defense and state.
"Campaigns are long and arduous. Transitions are fast and chaotic," McLarty said.
"He needs to put everything in place so that he can hit the ground running on Jan. 20," Duberstein said.
Obama is expected to move quickly to name three or four top spots in his administration: chief of staff and the secretaries of treasury, defense and state.
Stephanopoulos reported that Obama is also committed to having Republicans in his administration and that he will likely reach out to McCain to find some issues they can work on together.
Defense Secretary Bob Gates is expected to be asked to stay on the job.
"It would make good sense for our country and the beginning of an Obama administration," Duberstein said.
Republican Sen. Chuck Hagel may be a backup contender for the job.
Republican Sen. Dick Lugar is believed to be on a short list for secretary of state, but he must contend with the ambitions of Massachusetts Sen. John Kerry and New Mexico Gov. Bill Richardson.
Congratulations poured for Obama from around the world.
The president of Kenya, the home country of Obama's father, declared a public holiday in Obama's honor.
In Indonesia, where Obama lived as a child, hundreds of students at his former elementary school erupted in cheers when he was declared winner and poured into the courtyard where they hugged each other, danced in the rain and chanted "Obama! Obama!"
Some of the congratulations came tinged with warnings.
Russian President Dmitry Medvedev applauded Obama's victory and said he hoped the two countries could have constructive dialogue. Afghanistan's president accompanied his message with a demand that Obama put an end to civilian casualties by American forces.
ABC News' Claire Shipman and Jake Tapper and The Associated Press contributed to this report.