President-elect Obama is expected to nominate New York Federal Reserve President Timothy Geithner (47) as his Treasury Secretary today. Both Obama and Geithner, attended school in Asia. Timothy Geithner is pictured here addressing a conference in Singapore in 2007.

President-elect Barack Obama is reported to be planning a new economic stimulus plan containing more than $500 billion in federal spending and tax cuts over the next two years. On Sunday, Obama advisers said, it is hoped that Congress will have the stimulus-plan ready for the new President to sign once he is inaugurated on Jan. 20th. Today, Obama plans to announce his economic team.

At the week-end, the President-elect announced an initiative to save or create 2.5 million jobs in the next two years.

In his weekly address, President-elect Obama announced that he has directed his economic team to formulate an Economic Recovery Plan -- a two-year, nationwide initiative that will strengthen the economy and put millions of Americans to work rebuilding our crumbling roads and bridges, modernizing our schools, and securing a clean energy future.

On Sunday, Obama economic advisory team member, William Daley, brother of Chicago's mayor and former Clinton Commerce Secretary, said on NBC's Meet the Press, that Obama was leaning toward letting a Bush tax cut for the wealthy expire on schedule in 2011, rather than repealing it sooner.

Obama is expected to announce the appointment of New York Federal Reserve President Timothy Geithner (47) as his Treasury Secretary.

Former Clinton Treasury Secretary Lawrence Summers (53), is expected to be appointed head of the National Economic Council, which was created by Bill Clinton in 1993, to coordinate economic policy between the Treasury, Labor, Housing and Urban Development and Health and Human Services Departments, as well as independent agencies such as the Federal Deposit Insurance Corp. The former Harvard University President who is said to have an abrasive personality is likely to strengthen the role on the NEC and he may be a possible replacement for Ben Bernanke as Federal Reserve Chairman, when the latter's current term expires.

On Friday, news of the expected appointment of Geithner (47) as Treasury Secretary, sparked a huge rally on Wall Street as it instilled confidence that the new Administration would move quickly on the crisis, capping another tumultuous day for global markets that also saw heavy losses in Europe.

The Dow Jones Industrial Average jumped 6.54% to close at 8,046.42, ending the week on a positive note.

Timothy Geithner, who has worked closely on the rescue of the financial industry, with the incumbent Henry Paulson,  has headed the Federal Reserve Bank of New York since 2003. In that capacity, he serves as the vice chairman and a permanent member of the interest rate setting Federal  Open Market Committee.

Geithner joined the Department of Treasury in 1988 and worked in three administrations for five Secretaries of the Treasury in a variety of positions. He served as Under Secretary of the Treasury for International Affairs from 1999 to 2001 under Secretaries Robert Rubin and Lawrence Summers.

He was director of the Policy Development and Review Department at the International Monetary Fund from 2001 until 2003. Before joining the Treasury, Geithner worked for Kissinger Associates, Inc.

Geithner completed high school at International School Bangkok, Thailand, and then attended Dartmouth College, graduating with a B.A. in government and Asian studies in 1983. After, he obtained an M.A. in International Economics and East Asian Studies from Johns Hopkins University's School of Advanced International Studies in 1985. He has studied Japanese and Chinese and has lived in East Africa, India, Thailand, China, and Japan.

"A fantastic choice to help lead the financial markets out of the wilderness,''said Chris Rupkey, senior economist at The Bank of Tokyo-Mitsubishi in New York. "A crisis manager par excellence who will hit the ground running as he has been on the case since the global funding crisis began way back in July 2007.''

Video:CNBC's Steve Liesman discusses Obama's choice for Treasury Secretary.