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Reporting and analysis from ABC News Chief Washington Correspondent and "This Week" Host George Stephanopoulos

George Stephanopoulos reports on events in politics, Congress and the White House for ABCNews, on the air and online. He interviews top newsmakers, discusses the events of the week and looks to the week ahead each Sunday on 'This Week.'

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Obama Moves Fast on Economy

November 24, 2008 7:42 AM

President-elect Barack Obama is announcing the members of his economic team today in Chicago.

After today he will have appointed more key economic advisers more quickly than any president ever before.

It's a move his advisers hope will calm the markets and send a signal that he's on top of the financial crisis.

But to put this into perspective: Obama has already done more than any president has ever done this quickly.

Here's what to watch for at the Obama press conference today:   

#1 - Stimulus Package. His advisers are working behind the scenes to have a stimulus package for him to sign into law on Jan.20, 2009.

If they get anywhere close to that date it would be remarkable.

Expect Obama to signal that this stimulus package will be far bigger than the $175-billion package he was proposing during the campaign.

They are discussing a huge stimulus package in the $500-$700 billion range.

#2- Bush Tax Cuts. He is also likely to signal, though not say directly, that his repeal of the Bush tax cuts for the wealthy is likely to come when they expire in 2010 than through any aggressive action before then.

Obama is also likely to send a signal to other world leaders that he would like every big country to move together on stimulus packages.

The president-elect has also been intimately involved through his advisers in the rescue package for Citigroup.

Timothy Geithner, the president of the New York Federal Reserve and Obama's incoming Treasury Secretary, was working all weekend long on that.

Meanwhile Obama has been in regular contact with current Treasury Secretary Henry Paulson on the $700 Wall Street bailout.

Despite the fact that he's said there's only "one president at a time" -- Obama is moving fast on the economy.

--George Stephanopoulos

November 24, 2008 in Barack Obama, Democrats, Hillary Clinton | Permalink | Share | User Comments (119)

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That's what a "Do-er" does!

Posted by: Aaron | Nov 24, 2008 8:13:58 AM

I don't think any of these "experts" have clue what their doing. Either the former administrative group, our Obama's upcoming gang. Better chance solving the economic problems by just throwing darts at the board.

Posted by: LongT | Nov 24, 2008 8:27:57 AM

obama, and teams, have to move faster. america has been burning and everyone, in positions of power to get things done, has been standing around playing their fiddle. only the wealthy and powerful have felt no huge pain like the majority of americans. china has funded 500 billion for infrastructure work to keep the masses working else china would face a massive violent worker revolution. the potential exists for violent revolution here as well. what amerca needs to see is results, action and doing is fine but totally nonsense without positive results. america needs results now.

Posted by: Lawrence | Nov 24, 2008 8:31:10 AM

Go ahead Obama, make my day. He understands what the people want and how to jump-start the economy. Above all he is always willing to learn

Posted by: anthony | Nov 24, 2008 8:32:26 AM

You sheepies just keep on following your master, while he and his fellow shepards fleece you. I for one will be laughing when his policies fail and you are still in the poor house.

Posted by: NOboma | Nov 24, 2008 8:37:23 AM

Evidently his cabinet won't be any different. His new treasury secretary along with paulson, decided to give billions more to Citibank this past weekend. of course it was done behind closed doors. i guess Citi already blew through the 25 billions they got earlier from the 700 billion bailout. Everyone in D,C.=crooks.

Posted by: nono | Nov 24, 2008 8:40:07 AM

Wow, what a refreshing change from the Bush administration. Bush would have needed a vacation in Crawford by now. Obama hasn't taken a break yet. Even after he won the election he was working on the transfer the next morning. To all you naysayers, if he did nothing else that alone would be a "Change".

Posted by: wirey | Nov 24, 2008 8:43:35 AM

Newly elected officials; we're at the top and in charge. U.S. taxpayer, your not.

Posted by: LongT | Nov 24, 2008 8:57:01 AM

All I can say is "How Refreshing", it's like oping the window for the first time on a Spring day.

Posted by: pt | Nov 24, 2008 9:00:06 AM

My dear Barack Obama, I want to salute once again on your recent nomination as the President-Elect of the greatest nation on Earth, the USA.

I want you to know that God Almighty is on your side, and all kind-hearted people all over the world are right now praying for you and your family for success, protection from all known and unknown alarm, as well as favour with God and everyone that works with and for you,even the general american populace.

Ignore the doomsday prophets, naysayers and the pessimists, or the envious and failure-minded ones who are waiting for your mistakes or downfall.

I dare to tell these wicked, ungodly people that they will have to wait along time things like that to happen.

All their negative hope and expectations for you will fail. For I see you achieve more than those that have gone before you. You will thread where no one has thread before. God will give you the wisdom of Solomon, the courage of Joshua and Esther, the tenacity of Paul, the humility of Joseph, the strength of David, and the endurance of Abraham to achieve your goals.

You are going in the right direction. Just keep asking God for wisdom to rule and govern His people daily and your time will be a season of prosperity.

Yes, mistakes will be made during the course of your reign. But so what? and what does that matter? Show me one successful person on earth, who never failed before.

As long as you learn from them, just keep moving.

God ALmighty keep you, your family, and those close to you. No evil will befall you. God will expose those close to you who are waiting to harm you.

Posted by: Samuel Olumoyegun | Nov 24, 2008 9:04:32 AM

NOBAMA....
u would slam him no matter what, that is apparent! the man is trying to get on top of the ENORMOUS problems that george bush and his repug cronies have dumped in his lap yet u give no credit! your lame duck idiot is hangin loose saying farewell to his fat cat corporate buddies he made even more wealthy all the while our nation tailspins and here you are... DOGGING THE MAN WHO IS TRYING TO FIX ALL THE PAST IDIOTS MESS'S! i hear your idiot hero rush is blaming the current financial crisis on obama!!!! HE HAS NOT EVEN TAKEN CONTROL AND YET YOUR FILTHY PARTY STILL ATTACKS! NO WONDER YOU ALL WERE FIRED! nothing like kicking a man in the back of the legs while he is trying to get america back on his feet! repugs disgust me, thank god you all have virtually no power nor credibility left and these kinds of comments and attacks on obama are why !

Posted by: craig | Nov 24, 2008 9:06:38 AM

Obama is moving on the economic front as swiftly as he does on the basketball court. While all the swift moves to spend may boost the economy, the moutning deficits cannot beignored and will come to bite. I would hold his swift feet to his election promise of lifting the Bush tax cuts for the wealthy because that is what contributed to the deficits and it is time the incompetent executives who ran their companies into the ground and lined heir pockets pay their fair share of the taxes. Remember Iceland. Don't run deficits and lend monies and then ask for bail outs from IMF. Bush ran the deficit by not taxing the biggest beneficiaries of the American economy. Obama could run deficits by spending without balancing the budgets. End result is going to be the same a large than desirable deficit.

Posted by: gjkotw01 | Nov 24, 2008 9:07:17 AM

Anthony---well said. I agree, what makes our situation so hopeful is exactly his willingess to learn. This is exactly why I voted for Obama, I believe he WILL make things better. All you Obama bashers, go ahead and pick apart every move he makes. He is still YOUR president. Get over it and put your energy to better things.

Posted by: eandb'smom | Nov 24, 2008 9:11:50 AM

I am not a big fan of "Stimulus Packages" for several reasons, #1 - high administrative costs and waste to benefits, #2 - very short term (band-aid) - not real and long term economic pull. #3 - Politically looks like throwing money at a problem instead of solving the root cause of the problem.

Here are another alternatives. Negotiate with the Energy companies for stable gasoline prices between $1.50 to
$1.85 per gallon for terms of 18 months, and in return the Energy companies get a 15% tax break for the agreed terms of 18 months, then re-negotiate again.

In the Q1, deliver as promised tax cuts for the middle class with 15% tax for families and individual with incomes up to 175K. Do not repeal the Bush tax cuts as well.

Cut administrative costs within the Federal government and associate programs. Eliminate redundancy and consolidate cabinet level department with the goal to improve cost, quality and overall effectiveness.

Give the taxpayer and consumer change they can believe in.

Posted by: threeriverscrossing | Nov 24, 2008 9:12:05 AM

I am not a big fan of "Stimulus Packages" for several reasons, #1 - high administrative costs and waste to benefits, #2 - very short term (band-aid) - not real and long term economic pull. #3 - Politically looks like throwing money at a problem instead of solving the root cause of the problem.

Here are another alternatives. Negotiate with the Energy companies for stable gasoline prices between $1.50 to
$1.85 per gallon for terms of 18 months, and in return the Energy companies get a 15% tax break for the agreed terms of 18 months, then re-negotiate again.

In the Q1, deliver as promised tax cuts for the middle class with 15% tax cut for families and individual with incomes up to 175K. Do not repeal the Bush tax cuts as well.

Cut administrative costs within the Federal government and associate programs. Eliminate redundancy and consolidate cabinet level department with the goal to improve cost, quality and overall effectiveness.

Give the taxpayer and consumer change they can believe in.

Posted by: threeriverscrossing | Nov 24, 2008 9:13:50 AM

No solution is perfect. We've seen what Bush did: it created a huge mess. Let's see what Obama will do and then we can pass a judgement on it.

Posted by: Ben | Nov 24, 2008 9:17:42 AM

NOBAMA and Anthony...the typical "haters" and Bush Sackriders! No wonder this country has sunk so low with mentally challenged individuals criticizing Obama for doing and moving, unlike the retard we have in office now.

I did not vote for Obama, but I am satisfied with the level and speed at which he is moving things, and it has not been a month yet since he got elected! His Cabinet is almost done, his economic adviser team is done, he already described his 2.5 million job creation plan, etc, etc.

In 3 weeks he has shown more leadership and a "can do" attitude than Bush ever did in EIGHT LONG YEARS!

Get your heads out of your behinds, and lets work together in getting back on track, instead of doing what you do best: Criticize like dummies while doing nothing!

Posted by: ShervThePerv | Nov 24, 2008 9:20:33 AM

George Stephanopoulos is the political junkie's best fix. Personally, I think one could just check in with him each day and be done with the news.

Posted by: dr. ebbandflow | Nov 24, 2008 9:25:58 AM

NOBAMA, it's idiots like you that make this world screwed up as much as it is. Sheeez dude, at least give Obama time to put his plans into affect. If then they don't work, THEN you can gripe and complain.

Right now your buddy Bush is still in control. I don't see him doing much to improve what he's screwed up during the last 8 years.

Posted by: LOfromMO | Nov 24, 2008 9:36:12 AM

Barry can move as fast or slow as he likes with the media at his back. For the next 4 years his every mistake will either be covered up or at the very least minimized. While every good decision made by his advisors will be shouted about from the rooftops of the press rooms. Welcome to Germany 1933!

Barry O will do to our country what the rest of the world has been wanting to happen for a long time...... make us weaker militarily and financially broke. More entitlements for deadbeats and more gov't in every aspect of our lives. Change is a comin!!!!

Posted by: liberalshateAmerica | Nov 24, 2008 9:38:15 AM

LofromMO
If you knew anything about capitalism and economics you would not need a crystal ball to know what happens when the gov't tries to give people $$$- it kills the incentive to get an alarm clock and become productive members of society. The messiah has promised everything to his worshippers and they, along with everyone else, will be sadly disappointed.

Posted by: dave | Nov 24, 2008 9:42:28 AM

Great. More money to a corporation that engaged in horrible business practices. More money to rescue a bunch of people that had no plans for dealing with their ARMs rate rising. What did they expect it to do? How about sending that money to the companies and individuals that did it correctly and didn't damage the economy? That same cash infusion would be there only we'd be rewarding those that did it right rather than those who got greedy and foolish.

Posted by: robert hager | Nov 24, 2008 9:44:47 AM

I agree with CRAIG 100%.
Nobama is sour grapes. President Obama is trying to do something which is much more than can be said of this idiot we have in office. President Bush and his cronies should have been IMPEACHED a long time ago. HE WAS IN CHARGE...HE DIDN'T KNOW WHAT WAS GOING ON? I don't want to hear excuses from bloggers like Nobama that the Democrats were at fault. This idiot had a REPUBLICAN congress for over 6 years.....
You really think anyone can undo the horrible damage Bush, et al. did in eight years overnight?
God bless President Obama. He is at least doing something!!!!!

Posted by: Barb | Nov 24, 2008 9:46:18 AM

Barb,
please tell me why the "idiot" in office (who got higher grades then Kerry and the "messiah of global warming in a private jet" al gore did in college), should have been impeached??

Posted by: dave | Nov 24, 2008 9:49:53 AM

You sheepies just keep on following your master, while he and his fellow shepards fleece you. I for one will be laughing when his policies fail and you are still in the poor house.

Posted by: NOboma | Nov 24, 2008 8:37:23 AM


And what, pray tell, will you do if you're wrong and Obama starts to slowly turn this country around? Yeah, that's what I thought. You and others like you who can't accept that he won will find ANY other reason or explanation for why things are going well, than to actually give him any credit.

And by the way, if his policies do leave me in the poorhouse, there's a good chance you'll have a room there too and you WON'T be laughing. If the worst does happen, at least you've given me something to smile about.

You people need to get over yourselves. If you actually think McCain would've had a clue on the economy, much less cared about it, your head is much farther up your ass than I thought.

Posted by: nancy miller | Nov 24, 2008 9:51:48 AM

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