Obama names econ team

[1:54] ..." of Economic Advisers. And Melvin Barnes as director of domestic of the Domestic Policy Council. Having served in senior roles at treasury BI MF and the New York Fed. Jim Gardner offers not just extensive experience shaping"...

[5:12] ..." playing the critical role of coordinating my administration's economic policy in the White House and -- rely heavily on his advice. As we navigate. The unchartered waters of this economic crisis. As one of the most."...

[6:30] ..." liberal thinkers like. A look forward to a wise counsel in the White House. Finally we know that rebuilding our economy won't require action on a great variety of fronts. From education and health care to energy and Social Security. Without some policies in these areas we can neither enjoy sustained economic growth nor realize our full potential as people. So I'm extraordinarily pleased that Melvin Barnes one of the most respected policy experts in America. Will serve as my director of domestic the Domestic Policy Council -- you'll be working hand in hand with my economic policy team to chart a course to economic recovery. And federal part"...

[7:34] ..." middle class families. She also served as chief counsel -- the great Senator Ted Kennedy on the state Senate Judiciary Committee. Working on issues ranging from crime and immigration to bankruptcy and fighting tirelessly to protect civil"...

[15:01] ..." campaign is we've got to restore some balance toward tax. And the bush tax cuts were disproportionately. Targeted towards the very wealthiest Americans. Those were making more than a quarter million dollars a year can afford to"...

[15:32] ..." so. Whether that's done through repeal. Or whether that's done. Because. The bush tax cuts are not -- Is something that my economic team will be provided me a recommendation. But the basic principles is that we're"...

[0:00]" Thank you all for being here. The news this past week including this morning's news about -- Has made it even more clear that we are facing an economic crisis of historic proportions. Our financial markets are under stress. New home purchases in October was the lowest in half a century. Recently more than half a million jobless claims were filed. The highest in eighteen years and if we do not act swiftly and boldly. Most experts now believe that we could lose millions of jobs next year. Or we can't underestimate. The challenges that we face. We also can't underestimate our capacity to overcome. The summon that Spirit of determination. And optimism that has always define us. And to move forward in a new direction to create new jobs reform our financial system and fuel long term economic growth. We know this won't be easy and it won't happen overnight. Only to bring together the best minds in America to guide us and that is what I've sought to do in assembling my economic team. I've sought leaders who could offer both sound judgment. And fresh thinking. Both a depth of experience and a wealth of bold new ideas. And most of all who share my fundamental belief that we cannot have a thriving. Wall Street without a thriving main street. That in this country we rise or fall as one nation as one people. Today vice president elect Biden and I are pleased to announce the nomination of four individuals. Who meet these criteria to lead. Our economic -- Timothy -- As secretary of treasury. Lawrence Summers as the director of our National Economic Council. Christina Romer as share of the Council of Economic Advisers. And Melvin Barnes as director of domestic of the Domestic Policy Council. Having served in senior roles at treasury BI MF and the New York Fed. Jim Gardner offers not just extensive experience shaping economic policy and managing financial markets. He also has an unparalleled understanding of our current economic crisis in all of its depth. Complexity and urgency. Tim -- waste no time getting up to speak. You'll start its first day on the job. We have a unique insight into the failures of today's markets and it clear vision of the steps we must take to revive them. The reality is that economic crisis we face is no longer just an American Christ it's a global crisis. And we will need to reach out to countries around the world class -- a global response. -- extensive international experience makes him uniquely suited to do that work. Growing up partly in Africa and having lived and worked throughout Asia. Having served as undersecretary of the treasury for international affairs one of the many roles in the international arena. And having studied both Chinese and Japanese. -- understands the language of today's international markets in more ways than one. Tim served -- distinction under both Democrats and Republicans. And have a long history of working comfortably and as an honest broker. On both sides via. With stellar performances and outstanding results at every stage of his career. Tim has earned the confidence and respect of business. Financial and community leaders members of congress and political leaders around the world. And I know he will do so once again as America's next Treasury Secretary. The chief economic spokesman for my administration. I liked him. Larry Summers also brings a singular combination of skill. Intellect and experience to the role you play in our administration. As undersecretary. Deputy secretary -- secretary of the treasury. Larry helped guide us through several. Major international financial crises. It was a central architect of the policies that led the longest economic expansion in American history would record surpluses. Rising family incomes and more than twenty million new jobs. He also champion a range of measures from tax credits to enhance lending programs to consumer financial protections. They greatly benefited. Middle income families. As a thought leader Larry has urged us to confront the problems of income inequality. And the middle class squeeze consistently arguing that the key do we strong economy is a strong. Vibrant growing middle class. This idea is that the -- my own economic philosophy and will be the foundation of all of my economic policies. And as while the great economic minds of our time Larry has earned a global reputation. For being able to cut to the heart of the most complex. And novel policy challenges. With -- respectable. Our current financial crisis and other pressing economic issues of our time. His thinking writing and speaking have set the terms of the debate. I'm glad he will be. By my side playing the critical role of coordinating my administration's economic policy in the White House and -- rely heavily on his advice. As we navigate. The unchartered waters of this economic crisis. As one of the most. Expert. People in America on economic crises and how to solve them. My next nominee Christina Romer will bring a critically needed perspective. To -- worked as chair of my Council of Economic Advisers. -- has both a leading macro. -- leading macro economist. -- leading economic story perhaps best known for work on America's recovery from the Great Depression and the robust economic expansion the fault. Since 2003 she's been co director of the national bureau of economic research monetary economics program. She's also a member of the bureau's business cycle. Dating committee the body charged with -- officially determine whether a recession has started and ended. Experience which will serve her well she advised me on our current economic challenges. -- has done it groundbreaking research on many of the topics are administration welcome -- from tax policy to fighting recessions. And her clear -- Independent analyses have received praise from both conservative and liberal thinkers like. A look forward to a wise counsel in the White House. Finally we know that rebuilding our economy won't require action on a great variety of fronts. From education and health care to energy and Social Security. Without some policies in these areas we can neither enjoy sustained economic growth nor realize our full potential as people. So I'm extraordinarily pleased that Melvin Barnes one of the most respected policy experts in America. Will serve as my director of domestic the Domestic Policy Council -- you'll be working hand in hand with my economic policy team to chart a course to economic recovery. And federal part of that course will be healthcare reform and she will work closely -- my secretary of health and human services on that issue. As executive vice president for policy of the senator of at the center for American progress -- a directive in network policy experts dedicated to finding solutions was struggling middle class families. She also served as chief counsel -- the great Senator Ted Kennedy on the state Senate Judiciary Committee. Working on issues ranging from crime and immigration to bankruptcy and fighting tirelessly to protect civil rights women's rights and religious freedom. All these brilliant legal mind and her long experience working to secure. The liberties on which this nation was founded as well as. To secure the opportunities for those who've been left behind make her a perfect fit for DBC director. I'm grateful -- chairman Larry. Pristina and -- of accepted my nomination and I am looking forward to working closely with them in the months ahead. Network starts today. Because the truth as we do not have -- Right now our economy is trapped in a vicious cycle. The turmoil on Wall Street means a new round of belt tightening for families and businesses on main street. The spokes produce less and consume less that just deepens the problems in our financial markets. Is extraordinary stresses on our financial system require extraordinary policy responses. And my administration will honor the public commitments made by the current administration. To address this crisis. Further beyond any immediate actions we made today we need -- recovery plan for both Wall Street and main street. A plan that stabilizes our financial system and gets credit flowing again. All of the same time addressing our growing foreclosure crisis helping are struggling auto industry and creating and saving two point five. Million jobs. Jobs rebuilding our infrastructure our roads our bridges modernizing our schools and creating the clean energy infrastructure of the 20%. Because at this moment. We need to restore both confidence in the markets. And restore confidence. Of middle class families who find themselves working harder earning less and falling further and further behind. I've asked Mike about acting to develop recommendations for this plan and to consult with congress. The current administration. And the Federal Reserve on immediate economic developments over the next two months. -- requested that they briefed me on these matters on a daily basis. And in the coming weeks so provide the American people in the incoming congress -- overview of their initial recommendations. It is my hope that the new congress will begin work on an aggressive economic recovery plan when they convene in early January. So that our administration can hit the ground running. What are Communists for us we cannot hesitate and we cannot delay. Our families can't afford to keep on waiting and hoping for a solution. They can't afford to watch another month of unpaid bills pile up. Another semester of tuition slip out of reach another month where instead of saving for retirement they're dipping into their savings just to get -- Want to repeat this will not be easy. There are no short cuts or quick fixes to this crisis which has been many years in the making and the economy is likely to get worse before it gets better. Full recovery will not happen immediately. And to make investments we need we'll have to scour our federal budget. Line byline and make meaningful cuts and sacrifices as well something I'll be discussing further tomorrow. Despite all of this I'm hopeful about the future. I have full confidence in the wisdom. And ingenuity. Of my economic team and in the hard work courage and sacrifice. Of the American people. Most of all I believe deeply in the resilience. And the Spirit of this nation. I know we can work our way out of this crisis because we've done it before and I know we will succeed once again if we put aside partisanship and politics. And work together. That's exactly what I and to do as president of the United States. Would that -- take your questions and I'm going to start with the."

[11:56]" A want to see it and acted right away. It is going to be of -- size and scope that is necessary to get this economy back on track. I don't want to get into numbers right now. Part of the task of this economic team behind me. Is to help the shape the details of that plan in consultation with congress. The Federal Reserve. And businesses and and -- across the country but. I think the most important thing to recognize is that we have a consensus. I would just pretty rare between conservative economists and liberal economists that we need a big. Stimulus package that will jolt the economy back into shape and that is focused on the two point five million jobs that I intend to create. During the first part of my administration. We have to put people back to work. Now that runs in parallel with making sure that our financial system is stable. And so we're going to have to do more than one thing at a time but -- Across the board people believe that the stimulus is critical and the first job. My economic team is to shape that economic stimulus package so that it is delivering on the two point five million jobs that we talked about. And is also providing a down payment on a long term strategies we -- in terms of making this economy. Work for all Americans. That means we have to invest in. Clean energy we're going to have to invest in. The systems in our in health care that can reduce costs for families and for businesses it means that we're going to have to invest in. The education system to ensure there were compatible with 40% tree. So not only do I want the stimulus package to deal with the immediate crisis I want it also lay the groundwork for long term sustained economic. Okay. What's -- I said during the campaign. It's my plan represented a net tax cut and that's important. To remember. 95%. Of workers. In this country would receive a net tax cut under my plan. The reason that's important. Is. Not only. Is that good for families were struggling but it's also part and parcel of what we need when it comes to stimulus. We're going to be putting money in people's pockets so they can spend on by the new computer for their. Kids' school so that they can. Make sure that they are able to deal with he and groceries. All the other strains on family budgets. Now what I've also say during the course of this campaign is we've got to restore some balance toward tax. And the bush tax cuts were disproportionately. Targeted towards the very wealthiest Americans. Those were making more than a quarter million dollars a year can afford to pay a little bit more. And it is important if we're going to help pay for. Some of these. Expenditures that are absolutely necessary to get our economy back on that those -- in a position to table but more do so. Whether that's done through repeal. Or whether that's done. Because. The bush tax cuts are not -- Is something that my economic team will be provided me a recommendation. But the basic principles is that we're going to provide tax cuts to the vast majority of Americans the middle class would have been struggling. Over the last eight years that those who benefited disproportionately. Over the last eight years the very wealthiest among us will pay a little bit more in order for us to. Be able to invest. In the economy and get back on track. Can just. I'm not going to discuss numbers right now Kim because I think it's important for. My economic team to come back -- A recommendation. But what I want to emphasize is that. There's a consensus. Among. Across the political spectrum that we need a stimulus. And we have to make sure that the stimulus is significant enough. That it really gives a jolt to the economy. That it. Is putting people back to work. That it is. Making investments that it is restoring some confidence. In the business community but in fact their products and services. Are going to have. Customers and so we are going to do what's require. Jolt this. This economy back and back into shape now. It's going to be costly. And one of the things that we know already is that even if we did nothing further. For the remainder of this year that we're going to see a substantial deficit next bigger than we've seen in a very long time. And so I think American taxpayers are understandably concerned. If if we are you have a big deficit and now we're adding an additional stimulus are we going to pay for all. The right answer is bad. We have to. First focus on getting the economy back on track we've gotta first focus on making sure that we're creating those two point five million jobs we've got to. Make sure that the investments are made to sustain economic growth over the long term. And then what we also to do this part of this package and this is going to be one of the major charges to my economic team. Is that we reform. How business is done in Washington. And how the budget process works. All projects. Are done. So that we have a path towards a sustainable. And responsible. Budget scenario. Down down more so the way to think about it is short term we've got to focus on. Boosting the economy and creating two point five million jobs but part and parcel of that is a plan for a sustainable. Fiscal situation long term and that's going to require some reforms of Washington and I'm going to be discussing. That more tomorrow. Okay. John from Wall Street -- In his right. Beauty beautiful. Well. I don't want to look backwards. I think the business and we've had -- unprecedented crisis. I mentioned and my sixty minutes interview. I'm sure there are some things that didn't work exactly the way. Secretary Paulson intended to be the first to admit that. Some things have obviously helped in terms stabilizing financial system. But what I want to make sure is that moving forward. We are. Clearly articulating for the American people and the business community what are and goals are. Where are we going what are we trying to achieve."