Obama Taps Volcker, Says 'Help on Way'

His economic team largely complete, Obama is expected to introduce national security officials next week, including Hillary Rodham Clinton as his secretary of state. He is expected to announce he has asked Defense Secretary Robert Gates to remain at the Pentagon for a year. James Jones, a former Marine Corps commandant and NATO commander, is Obama's pick to be national security adviser.

Obama said his new economic panel will include people from business, labor and academia, "who will bring to bear their wisdom and expertise on the formulation, implementation and evaluation of my administration's economic recovery plan."

"I hope that everybody understands that we are going to be able to get through these difficult times, but we're just going to have to make some good choices," Obama said. "I was elected with the charge of getting this economy back in shape but also making sure that it's working on behalf of middle-class families."