Economic crisis front and center for Obama

CHICAGO, Nov. 7 (UPI) -- President-elect Barack Obama, knowing the urgency facing the United States, is working quickly to name his treasury secretary, observers said.

Obama is said to be considering Lawrence H. Summers, who held the post under former President Bill Clinton; Timothy F. Geithner, president of the New York Federal Reserve Bank, and Paul A. Volker, a former Federal Reserve chairman, various media outlets reported.

To address the global financial crisis, Obama and Vice President-elect Joe Biden planned to meet Obama's economic advisory board, which includes billionaire investor Warren Buffett; former Treasury secretary Robert E. Rubin; Google chief executive Eric E. Schmidt, Volker and Summers, the Los Angeles Times said. Also in the group are Los Angeles Mayor Antonio R. Villaraigosa and Michigan Gov. Jennifer M. Granholm.

Obama's choice for treasury secretary will play a central role on the Obama administration's economic team, exerting influence over the substance of policy and how it is pursued, the Los Angeles newspaper reported.

Obama also is working with Democratic congressional leaders who are making plans for two stimulus packages, one expected to be considered during the lame-duck session and one being prepared for consideration during the next regular session. Elements of the plans would include more jobless benefits, food stamps, local government aid and spending for infrastructure projects, The New York Times said.