14 theSun | THURSDAY NOVEMBER 27 2008

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Obama not waiting to

WASHINGTON: Barack Obama get the economy off life-support.
still insists there can be only one If that means driving up the
president at a time, but with eight record-breaking deficit, then so
weeks to go before his Jan 20 be it, although the president-elect
inauguration, the Democrat looks stressed on Tuesday his ardour
like a man in charge. to drain the US budget of red ink
Arguing there is not a “minute when economic conditions

apply presidential stamp

to waste,” Obama this week moved allow.
with rare alacrity for a president- In his economic team, Obama
elect by naming his economic has assembled heavy-hitters who
lieutenants and outlining an have a reputation as deficit hawks
ambitious plan of spending, to but who share his belief that old
revive the economy. orthodoxies need rethinking to
Also unusual is the level of confront today’s crisis.
cooperation between Obama’s
team and the administration
HEAVY-HITTERS Obama on Monday nominated
New York Federal Reserve chief
of President George W. Bush, Timothy Geithner to be his
who may be a lame duck but is
still having to take momentous
AND DEFICIT Treasury secretary, and named
ex-Treasury secretary Larry
decisions to prop up Wall Street.
“We are working hand-in- HAWKS IN Summers to be his chief White
House economic adviser.
glove with them,” White EHouse Hillary Timothy Robert Eric Raul Crucially, both selections have
spokeswoman Dana Perino said
on Tuesday after the president
ECONOMIC TEAM Clinton Geithner Gates Holder Grijalva been met with approval by the
financial markets, as Obama takes
Secretary of Treasury Defense Attorney Secretary of
informed Obama of his intent to State Secretary Secretary General the Interior the unusual step for a president-
bailout-stricken financial services have a president-elect taking elect of naming his economic
giant Citigroup. command of the public agenda this officials before his national
Obama has pledged to honour early, and Obama’s prominence security team.
Bush’s far-reaching market was attributable to several factors. There are perils in Obama’s
interventions but at the same time, “The first is we are in a major course.
is issuing veiled criticisms of the economic crisis, one that is part of He is the centre of attention as
outgoing president’s piecemeal global instability and one where the political oxygen sucks out of
approach as he vows a coordinated there is potential for the crisis to Bill Tom Dan Max Janet Bush, but he has no authority until
plan of action for the economy. grow in scale and scope with each Richardson Daschle Reicher Cleland Napolitano Jan 20 and risks being saddled
On Tuesday, he said “I don’t day,” the historian said. Commerce Health/Human Energy Veterans Homeland with unpopular policies from the
think that there’s any question that “The second is that you have an Secretary Services Secretary Affairs Security outgoing president.
we have a mandate to move the incumbent president who is very For Stephen Hess, a veteran
country in a new direction and not weak politically and who faces a White House aide who studies
continue the same old practices Democratic Congress. He has not the presidency at the Brookings
that have gotten us into the fix that moved very aggressively on the Institution, it is a risk that Obama
we’re in.” economy, and when he does there has to take.
“All this means that Obama are limits to what he can do.” “He’s giving us far more
has to act like a president before Obama touts a bipartisan Rahm Peter Lawrence John James sense of what the policy will
he is officially president, and that consensus among liberal and Emanuel Orszag Summers Brennan Jones actually be than you would
includes coordinating with Bush,” conservative economists that his expect in a transition. He’s gone
Princeton presidential historian incoming administration will have White House Budget National Economic CIA National beyond just priorities,” he said.
Chief of Staff Director Council Director Director Security Adviser
Julian Zelizer said. to throw “financial caution” to the “Everything has had to be speeded
He said that it was “unusual” to winds by spending what it takes to Pictures: Associated Press / Getty Images © GRAPHIC NEWS up.” – AFP