Obama Moves Fast on Economy

By Jennifer Parker

Nov 24, 2008 7:42am

President-elect Barack Obama is announcing the members of his economic team today in Chicago.

After today he will have appointed more key economic advisers more quickly than any president ever before.

It’s a move his advisers hope will calm the markets and send a signal that he’s on top of the financial crisis.

But to put this into perspective: Obama has already done more than any president has ever done this quickly.

Here’s what to watch for at the Obama press conference today:   

#1 – Stimulus Package. His advisers are working behind the scenes to have a stimulus package for him to sign into law on Jan.20, 2009.

If they get anywhere close to that date it would be remarkable.

Expect Obama to signal that this stimulus package will be far bigger than the $175-billion package he was proposing during the campaign.

They are discussing a huge stimulus package in the $500-$700 billion range.

#2- Bush Tax Cuts. He is also likely to signal, though not say directly, that his repeal of the Bush tax cuts for the wealthy is likely to come when they expire in 2010 than through any aggressive action before then.

Obama is also likely to send a signal to other world leaders that he would like every big country to move together on stimulus packages.

The president-elect has also been intimately involved through his advisers in the rescue package for Citigroup.

Timothy Geithner, the president of the New York Federal Reserve and Obama’s incoming Treasury Secretary, was working all weekend long on that.

Meanwhile Obama has been in regular contact with current Treasury Secretary Henry Paulson on the $700 Wall Street bailout.

Despite the fact that he’s said there’s only "one president at a time" — Obama is moving fast on the economy.

–George Stephanopoulos

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