Obama lines up new team to resurrect US economy

At his first press conference as US president-elect, he was also expected to give an indication about the make-up of his incoming administration, in particular whether he will include leading Republicans.

His most crucial appointment, though, will be his choice for Treasury Secretary.

Some Obama insiders say this decision has already been made - and there is speculation outside the camp that it could be Larry Summers, Bill Clinton's former Treasury Secretary, or Timothy Geithner, the chairman of the New York Fed. Other names still being mooted include Paul Volcker, the 81-year-old former Fed chairman, and Jon Corzine, a former Goldman Sachs chief who is now governor of New Jersey.

But Mr Obama is also expected to reach beyond Democrat circles to build his new team and billionaire investor Warren Buffett was due to take part, by phone, in the talks today between the president-elect and his economic advisers.

Republicans who could be asked to play a role in the new administration include Defence Secretary Robert Gates, New York mayor Michael Bloomberg and governor of California Arnold Schwarzenegger.

However, Mr Obama, who takes over from President Bush on 20January, is not expected to be rushed into naming his team.

Tory leader David Cameron today praised the president-elect for having the "coolest, calmest temperament". He added: "We are living in fantastically exciting times. I think it will be good not just for America, but good for the world. I salute change."

Mr Cameron has yet to speak to Mr Obama who had a 10-minute phone conversation yesterday with Gordon Brown as part of a round of talks with nine world leaders. The prime ministers of Australia, Canada, Japan and Israel were called, as were the German Chancellor and presidents of France, Korea and Mexico.

Illinois Congressman Rahm Emanuel, a former adviser to President Clinton known for his fiery temper, has accepted the key post of Mr Obama's chief of staff.

According to ABC News network, Obama campaign strategist David Axelrod has accepted the job of senior White House adviser - a post previously held by Karl Rove under Mr Bush.

Mr Obama is joining together his campaign and transition teams to avoid a turf war. The overall transition team is to be run by John Podesta, a former chief of staff to President Clinton, Pete Rouse, who was Mr Obama's Senate chief of staff, and his close friend, Valerie Jarrett.

Mr Obama will spend the weekend with his family before they fly to Washington to meet President Bush and his wife Laura.