FACTBOX: Obama comments on economic issues

(Reuters) - President-elect Barack Obama on Monday named members of his economic team who will be charged with leading efforts to fight the mounting U.S. financial crisis.

In a news conference, Obama also addressed several economic issues that will confront his administration when he takes office on January 20. Here are the highlights of the news conference:

NAMES GEITHNER, SUMMERS, ROMER TO TOP POSITIONS

* In his first official Cabinet nomination, Obama named New York Federal Reserve Bank President Timothy Geithner to be the next Treasury secretary. Obama said Geithner offered "an unparalleled understanding of our current economic crisis, in all of its depth, complexity and urgency."

* He named former Treasury Secretary Lawrence Summers to head the White House National Economic Council. Obama called Summers "one of the great economic minds of our time" and said he would "rely heavily on his advice as we navigate the uncharted waters of this economic crisis."

* Christina Romer, a macroeconomist and economic historian at the University of California, Berkeley, who studied America's recovery from the Great Depression, was named as chair of Obama's Council of Economic Advisers.

NEED FOR ECONOMIC RECOVERY PLAN, STIMULUS

* Obama said he would not discuss how big a stimulus package might be needed, saying only that it had to be "significant enough that it really gives a jolt to the economy" and adding that "it's going to be costly."

* Obama said he spoke with President George W. Bush and Federal Reserve Chairman Ben Bernanke about doing "whatever is required to keep the financial system working and capital flowing."

* "It is not important just for the banks, it is important for our entire economy, it is important for small businesses, large business ... My commitment is to do what is required so that our financial system works. President Bush has indicated he has the same approach, the same outlook. What is important for the American people to understand is that we are united in making the financial system works."

* Obama said the current financial turmoil would require "extraordinary policy responses." He said his administration would honor public commitments made by the Bush administration to address the crisis.

* Obama said he hoped the new Congress would begin work on an "aggressive economic recovery plan" when they convene in early January.

* "We need a big stimulus package that will jolt the economy back into shape and that is focused on the 2.5 million jobs that I intend to create during the first part of my administration."

* "I want to see it enacted right away ... it is going to be of a size and scope that is necessary to get this economy back on track."

* Obama repeated warnings that recovery will not be easy. "There are no shortcuts or quick fixes to this crisis, which has been many years in the making -- and the economy is likely to get worse before it gets better. Full recovery will not happen immediately."

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