Lawrence Summers Leads The National Economic Council

Current President-elect Barack Obama is expected to make another important hiring in his cabinet. The Wall Street Journal's contributor in Jonathan Weisman is reporting that the prime candidate for the National Economic Council is Lawrence Summers. Lawrence Summers was a former Treasury Secretary, and he is a University of Harvard graduate. On Monday, President-elect Barack Obama is expected to name the other members on his economic staff while in Chicago.

When President-elect Barack Obama gets inaugurated, Lawrence Summers will more likely than not plan some sort of stimulus package for the current economic recession. The goal will be to establish a stimulus that could exceed the $175 billion threshold. In addition, this stimulus package might go over a two-year span which would hopefully create 2.5 million new jobs for those who are not employed or are seeking a new job, by the year 2011. Furthermore, the proposed tax increase for the upper-class families earning $250,000 per year might be postponed until the year 2011.