| November 22, 2008 Obama details economic recovery plan
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(NECN/ABC) - President Bush was at the APEC summit in Peru on Saturday, working with Asian and Americas leaders in search of a solutions to the global economic crisis.
Back here on U.S. soil, President-Elect Barack Obama set out his plan to get the United States back on solid economic footing.
In the weekly Democratic Address, Obama said he has a plan to tackle what he described as an economic crisis of historic proportions.
"Passing this plan won't be easy," Obama said. "I will need and seek support from Republicans and Democrats."
Obama said his economic recovery plan -- called by some political watchers the New Deal of the 21st Century -- has a corner stone in creating 2.5 million jobs within the next two years.
"Fear is going to take over," former GE chief Jack Welch told CNBC television. "We have a new President and the faster we can get the policies out there and tell us where we're going to go and what this administration is going to do, the better off we're going to be."
News that Timothy Geitner, President of the New York Federal Reserve, has emerged as the frontrunner for Treasury Secretary, reassured the battered markets on Friday.
Sources also told ABC News that other leading contenders for the Obama administration include former primary rivals: Hillary Clinton as the next Secretary of State and Bill Richardson to head up the Commerce Department.
ABC News has also learned that former Treasury Secretary
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