US President-elect Barack Obama has vowed to take rapid action on enacting a stimulus plan designed to create 2.5 million jobs and end the US
He was speaking at a news conference at which he nominated Timothy Geithner as Treasury Secretary and Lawrence Summers as director of the National Economic Council.
Geithner, the New York Federal Reserve Bank president, and former Treasury Secretary Summers will be at the centre of the Obama administration's efforts to fight the worst financial crisis to hit the US since the Great Depression.
'Right now, our economy is trapped in a vicious cycle,' Mr Obama said. 'We do not have a minute to waste,' he added.
'These extraordinary stresses on our financial system require extraordinary policy responses,' he said, pledging to enact his stimulus plan as soon as Congress reconvenes in early January.
