Barack Obama named his economic team

WASHINGTON - President-elect Barack Obama named his economic team Monday, tapping New York Federal Reserve President Tim Geithner as treasury secretary to deal "an economic crisis of historic proportions."

At a news conference 57 days before his inauguration, Obama also said Lawrence Summers would be director of his National Economic Council. Summers was treasury secretary under former President Bill Clinton and a former president of Harvard University.

Obama said that recent news "has made it even more clear that we are facing an economic crisis of historic proportions." Offering a grim prediction, he added, "Most experts now believe that we could lose millions of jobs next year."