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President-elect Barack Obama has named his economic team warning the US is facing an economic crisis of historic proportions.
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Barack Obama, President-elect, said, "Beyond any immediate action we may take, we need a recovery plan for both Wall Street and Main Street, a plan that stabilizes our financial system and gets credit flowing again, while at the same time addressing our growing foreclosures crisis, helping our struggling auto industry and creating and saving 2.5 million jobs, jobs rebuilding our infrastructure, our roads, our bridges, modernizing our schools and creating the clean energy infrastructure of the 21st century".
The scope of the recovery package is far more ambitious than Obama had originally spelled out. During the presidential campaign, Obama had put forward 175 billion US dollars worth of spending and tax-cutting stimulus proposals.
But his new plan will be significantly larger, incorporating his campaign ideas for new jobs in environmentally friendly technologies -- what he calls the "green economy".
U.S. stocks soared on Monday as Obama unveiled his economic team.
The Dow Jones industrial average raced up nearly 5 percent. Meanwhile, the Standard & Poor's 500 Index jumped nearly 52 points. And the Nasdaq Composite Index leaped over 6 percent.
Investors also cheered Washington's move to inject 20 billion dollars into Citigroup, staving off a potential bank collapse that could have put the global financial system at risk.
(CCTV November 25, 2008)
