According to the Associated Press, President-elect Barack Obama is rolling out an economic vision that will require congressional cooperation before his term begins.
Obama will introduce his new economic leadership team today (Mon., Nov. 25), a key step toward enacting a huge new economic recovery plan that aims to save or create 2.5 million jobs over the next two years.
The plan is likely to far exceed the $175 billion Obama proposed during the campaign. It would include an infusion of money for infrastructure projects, new environmental technologies and tax cuts for low- and middle-income taxpayers. It will not call for tax hikes for the wealthy.
Obama aides on Sunday called on the new Congress to pass by the Jan. 20 inauguration legislation that meets Obama’s two-year goal of saving or creating 2.5 million jobs. Democratic congressional leaders said they would get to work when Congress convenes Jan. 6 with bigger Democratic majorities in the House and Senate.
Heading his economic team will be Timothy Geithner as treasury secretary and Lawrence Summers as head of the National Economic Council. Obama also has settled on New Mexico Gov. Bill Richardson as his commerce secretary.
Information from the Associated Press contributed to this report.