Obama aides want lawmakers to reach agreement, before the Jan. 20 inauguration, on legislation that meets Obama's two-year goal of saving or creating 2.5 million jobs. Democratic leaders vowed to move quickly on the plan when Congress convenes Jan. 6, so he can sign it soon after taking office.
As Obama's economic team continued to jell yesterday, aides confirmed that he has chosen Governor Bill Richardson of New Mexico to be commerce secretary, adding a prominent Hispanic and one-time Democratic rival to his Cabinet.
Obama will reveal the team at a news conference in Chicago this morning, his transition office said.
He plans to name Timothy Geithner, president of the New York Federal Reserve, as his Treasury secretary, and former Treasury Secretary Lawrence Summers as the director of the White House National Economic Council. Peter Orszag, director of the Congressional Budget Office, is in line to lead the Office of Management and Budget.
"We don't have time to waste here," Obama senior adviser David Axelrod told Fox News. "We want to hit the ground running on Jan. 20."
"We expect to have during the first couple of weeks of January a package for the president's consideration when he takes office," said Representative Steny Hoyer of Maryland, the second-ranked House Democrat, who appeared on CBS's "Face the Nation."
Senator Charles Schumer of New York said on ABC's "This Week" that the package will cost $500 billion to $700 billion. Axelrod said only that it would be "a big number," probably far outdistancing the $175 billion stimulus plan that Obama proposed during the campaign.
Obama plans to announce the nomination of Richardson after Thanksgiving, according to a Democratic official familiar with the discussions who spoke on condition of anonymity.
Richardson, 61, had a distinguished and visible career in Washington before returning to New Mexico, where he was elected governor in 2002. He served as UN ambassador under President Clinton and later as energy secretary. He was in the House from 1983 to 1997.
