Obama rounds out economic team

CHICAGO (AP) -- Former Federal Reserve chairman Paul Volcker will head a new White House panel to guide President-elect Barack Obama as he tries to create jobs and bring stability to the nation's economy.

Obama is expected to introduce the 81-year-old Volcker as head of the President's Economic Recovery Advisory Board at a news conference later this morning. He's also expected to name University of Chicago economist Austan Goolsbee as the board's top staff official.

The news conference will be Obama's third of the week. All of them have focused on his economic team, as Obama tries to assure nervous Americans and financial markets that he will bring swift economic relief.

Earlier this week, Obama announced plans for a massive economic stimulus that Democrats say could cost as much as $700 million. He's stated no goals for reducing the record federal deficit, but yesterday pledge a "line-by-line" budget review to eliminate unneeded spending.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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