Obama Announces Economic Advisory Board

"It's unprecedented," said Georgetown University presidential scholar Stephen Wayne.

"But he has no choice," Wayne said. "If he doesn't address the issue, it's going to be worse when he takes over."

Obama Rolls Out Economic Team

On Monday, Obama announced former Federal Reserve Bank of New York President Timothy Geithner as his pick for Treasury secretary. He also announced that Larry Summers would direct the National Economic Council and that Melody Barnes would head the White House Domestic Policy Council. He's put Christina Romer in charge of the White House Council of Economic Advisers.

On Tuesday, Obama announced former Congressional Budget Office Director Peter Orszag as his choice to run the Office of Management and Budget.

Obama has proposed a major economic stimulus package to create or save 2.5 million jobs over the next two years.

He has signaled to Congress that he wants a stimulus package ready to sign into law on his desk by Inauguration Day Jan. 20.

While his assertive approach is unprecedented for a president-elect, Wayne said Obama has little choice given the economic woes facing the nation.

"He has committed to new energy and change," Wayne said, "so that means he can't sit by while Rome is burning."

Obama Wants $500-Billion Stimulus Package

Obama wants a large stimulus package costing around $500-billion, reports ABC News' George Stephanopoulos.

The money would be spent on infrastructure, including roads and bridges, so-called "green jobs" to develop alternative energies, unemployment extensions, and other aid to state and local governments.

Next week Obama plans to meet with the nation's governors, most of whom are struggling with huge budget shortfalls.

Obama is also expected to announce other members of his Cabinet next week, including Sen. Hillary Clinton, D-N.Y., as secretary of state, Gen. James Jones as national security adviser, New Mexico Gov. Bill Richardson as commerce secretary, and that Defense Secretary Bob Gates will stay on in this role.

"He knows he has to move as soon as he takes office, so he's getting out in front of these decisions now," Baker said "It's extraordinary, but then again, it's extraordinary times.

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