The announcement of President-elect Barack ObamaBarack Hussein ObamaBooze, peanut butter and guns: Why Americans' shopping lists changed during coronavirus Cuomo's been good, but he's not going to be the Democratic nominee The Hill's Campaign Report: Coronavirus forces Democrats to postpone convention MORE's new economic team won praise from both sides of the aisle Monday.

At a news conference in Chicago, Obama announced Timothy Geithner, chairman of the New York Federal Reserve Bank, as the incoming Treasury Secretary and Lawrence Summers, former Treasury Secretary, as director of the National Economic Council. He also tapped economics professor Christina Romer as director of the Council of Economic Advisers and former Democratic Senate aide Melody Barnes as director of the Domestic Policy Council.

Senate Majority Leader Harry ReidHarry Mason ReidGOP embraces big stimulus after years of decrying it Five Latinas who could be Biden's running mate Winners and losers from Super Tuesday MORE (D-Nev.) saluted the Obama's economic team as "visionary leaders" in a statement Monday.