At a press conference this morning, President-elect Obama has introduced his economic team:

Obama has tapped New York Federal Reserve President Tim Geithner as treasury secretary and former Treasury Secretary Larry Summers as chief of the National Economic Council.

University of California-Berkeley economics professor Christina Romer has been chosen to be the chair of the President's Council of Economic Advisers.

The Council of Economic Advisers is a group of economists --including three who are appointed by the president and need Senate confirmation -- that advise the president on economic policy.

Obama also announced Melody Barnes as director of the Domestic Policy Council and Heather Higginbottom as deputy director of the Domestic Policy Council.

He ended his opening remarks by saying (appx transcript):

"I have full confidence in my economic team and I believe in the hard work and sacrifice of the American people. I have full faith in the resilience of this nation... and we will succeed if we put aside partisanship and that's exactly what I intend to do as president."

In his remarks, President-elect Obama won't put a number on his economic stimulus package but elaborated on it as follows:

"There is consensus across the political spectrum that a stimulus package is required and it must be large enough so it provides a jot to the economy. It's going to be costly. Even if we do nothing, we're going to see a substantial deficit next year...How are we going to pay for all that? We have to first focus on getting the economy back on track...creating those 2,5 million jobs...sustain economic growth over the long term...that we reform how business is done in Washington...so that we have a path towards a sustainable and responsible budget scenario down the line."

He is still taking questions. The press conference is over.