Obama to Meet With Economic Team—And Media

US President-elect Barack Obama and Vice President-elect Joe Biden will hold a news conference at 2:30 EST on Friday after meeting with their team of economic advisers to discuss the transition to the White House.

The meeting and news conference were announced in a statement by the Obama-Biden press office.

• Who Might Get Top Economic Posts

The statement said Obama and Biden would be joined by economic advisers, including former Treasury Secretaries Lawrence Summers and Robert Rubin, former Chairman of the Federal Reserve Paul Volcker, former Securities and Exchange Commissioner William Donaldson and several others.

Berkshire Hathaway Chairman Warren Buffett will participate via phone.

Obama, who will inherit the worst financial crisis since the Great Depression, faces pressure to announce his picks for key economic jobs, including Treasury secretary.

Aides would not say if there would be any announcements about administration jobs at the news conference.

Obama, who made history as the first black U.S. president-elect, planned to meet President Bush at the White House next Monday.

Bush pledged to do all he could to ensure a smooth transition before Obama takes the oath of office Jan. 20.

"Over the next 75 days all of us must ensure that the next president and his team can hit the ground running," Bush said at the White House.

Bush said he would discuss policy issues ranging from the financial markets to the war in Iraq with Obama next week.

In addition to mulling his options for Treasury secretary, Obama was close to announcing his chief of staff. Rep. Rahm Emanuel of Illinois, a Democratic lawmaker known for his hard-charging style, accepted the job of leading Obama's White House staff, sources on Capitol Hill said.

Emanuel, a fellow Chicagoan, has known Obama for years.

Heightened Security Risk

Obama also needed to begin putting together a strategy for the wars in Iraq and Afghanistan.

Concern that al Qaeda may try to test a new administration may also lend urgency to assembling the national security team quickly.

"We know that al Qaeda and others try to test a new administration," said White House spokeswoman Dana Perino. "I don't know of anything specific but we do know that is a heightened period of concern."

On the Treasury decision, Lawrence Glazer, managing partner of Mayflower Advisors in Boston, said it was especially important that whoever was picked could communicate well about the economic predicament.

"It's a very complicated financial landscape. Being able to convey this in simple terms to the American public is key. Someone with political experience would be helpful," he said.

Whoever takes the Treasury job will guide the $700 billion economic bailout package and the regulatory reform needed to prevent a repeat of the current crisis.

Obama could soon announce other economic posts as well.

University of Chicago economist Austan Goolsbee and Jason Furman, a former economic adviser to Clinton, were expected to fill senior jobs.

For secretary of state, Massachusetts Democratic Sen. John Kerry, former diplomat Richard Holbrooke, outgoing Republican Sen. Chuck Hagel and former Georgia Democratic Sen. Sam Nunn were in the mix.

James Steinberg, a former Clinton adviser, was a top contender for national security adviser. Susan Rice, another former Clinton aide, could be considered for that job or another senior post.

With two wars under way, Obama might consider keeping Robert Gates on as secretary of defense.

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