Obama to meet with economic team

Obama will meet his economic team on Friday and hold his first news conference since becoming U.S. president-elect as the country awaited signs of how he might tackle the economic crisis. Obama, who stands to inherit the worst financial crisis since the Great Depression, faced pressure to announce his picks for key economic jobs, including Treasury secretary, though there were no indications of when he might do so. Though the timing of the Treasury secretary announcement was uncertain, names being considered for the job included Timothy Geithner, president of the Federal Reserve Bank of New York; former Treasury Secretary Lawrence Summers; and former Federal Reserve Board Chairman Paul Volcker. Summers and Volcker were on the 17-member transition economic advisory board that will meet with Obama on Friday, a statement from the transition office said. Others who will take part in the meeting include Berkshire Hathaway Chairman Warren Buffett and Roger Ferguson, former vice chairman of the Federal Reserve board of governors. President George W. 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. He said he would discuss issues ranging from financial markets to the war in Iraq with Obama. 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 received a top-secret intelligence briefing on Thursday. As president-elect he will be receiving president-level daily intelligence briefings. 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."

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