But not all Republicans viewed the appointment harshly. South Carolina Sen. Lindsey Graham, a close ally of Republican White House candidate John McCain, negotiated the terms of the presidential debates with Emanuel and said they made quick progress.

"This is a wise choice by President-elect Obama," Graham said. "Rahm knows Capitol Hill and has great political skills. He can be a tough partisan but also understands the need to work together. He is well-suited for the position."

Aides would not say if there would be any announcements about administration jobs at the news conference.

Bush Pledges Smooth Transition

Bush pledged to do all he could to ensure a smooth transition before Obama takes the oath of office on January 20.

"Over the next 75 days all of us must ensure that the next president and his team can hit the ground running," Bush said at the White House. Bush said he would discuss policy issues ranging from the financial markets to the war in Iraq with Obama next week.

Obama said he and his wife Michelle looked forward to meeting Bush on Monday to start the transition process.

"I thank him for reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation," Obama said in a statement.

Obama went to the FBI building in Chicago on Thursday for a top-secret intelligence briefing. As US president-elect he will now be receiving president-level daily briefings from top intelligence officials.

Analysts expect Obama to begin putting together a strategy for the wars in Iraq and Afghanistan. Concern that al Qaeda may try to test a new administration may also lend urgency to assembling the national security team quickly.

"We know that al Qaeda and others try to test a new administration," said White House spokeswoman Dana Perino. "I don't know of anything specific but we do know that is a heightened period of concern."

On the Treasury decision, Lawrence Glazer, managing partner of Mayflower Advisors in Boston, said it was especially important that whoever was picked could communicate well about the economic predicament.

"It's a very complicated financial landscape. Being able to convey this in simple terms to the American public is key. Someone with political experience would be helpful," he said.

A Reuters poll of economists found 26 of 48 respondents thought Geithner would be chosen for the job, while Summers came second with 14 votes.

Whoever takes the Treasury job will guide the $700 billion economic bailout package and the regulatory reform needed to prevent a repeat of the current crisis.

In addition to Summers, Geithner and Volcker, the short list for Treasury included Laura Tyson, who chaired Clinton's Council of Economic Advisers.

(Agencies via China Daily November 7, 2008)