| Obama adviser wants quick action on economic plan By the Associated Press WASHINGTON (AP) -- A top aide to President-elect Barack Obama hopes Congress will get to work quickly on a new economic recovery plan in early January. Adviser David Axelrod says there is no time to waste on dealing with the economic crisis. He says the incoming administration wants to hit the ground running. Obama outlined a plan over the weekend that would spend billions of dollars to rebuild roads and bridges and modernize schools while developing alternative energy sources and more efficient cars. The new Congress is sworn in on Jan. 6. Obama takes office on Jan. 20. Officials say Democratic congressional leaders intend to begin work in early January on priority legislation so it can be ready for Obama's signature shortly after he takes office. Axelrod was making the round of the Sunday talk shows. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. WASHINGTON (AP) _ A top adviser to President-elect Barack Obama says it was gratifying to see the stock market's positive reaction to Obama's choice of treasury secretary. The market soared almost 500 points on Friday with word Obama had settled on Timothy Geithner (pronounced GITE-ner) as a leader in the new economic team. Geithner is the president of the New York Federal Reserve. Obama adviser David Axelrod says the 47-year-old Geithner is the right person to help deal with the severe economic crisis. Axelrod also says it was welcome news to see how well the market reacted on Friday to word of Geithner's appointment. Obama plans to announce his economic team on Monday. Axelrod was making the rounds of the talk shows Sunday. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP material nor any portion thereof may be stored in a computer except for personal and non-commercial use. AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |
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