President-Elect Obama Announces Final Cabinet Picks

With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together, including labor, dealers, creditors and suppliers, to make the hard choices necessary to achieve long-term viability.

The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely necessary to save this critical industry and the millions of American jobs that depend on it, while also creating the fuel efficient cars of tomorrow.

Whenever I've been asked how I measure the strength of the American economy, my answer is simple: jobs and wages. I know we will be headed in the right direction again when we are creating jobs instead of losing them and when Americans are gaining ground in terms of their incomes instead of treading water or falling behind.

In recent weeks, I've announced members of my economic team who will help us make progress in these areas. Today I'm announcing several other appointees who will play an integral role in our efforts to turn our economy around.

Congresswoman Hilda Solis as secretary of labor, former Congressman Ray LaHood as secretary of transportation, Karen Mills as administrator of the Small Business Administration and Mayor Ron Kirk as United States trade representative.

Together with the appointees I've already announced, these leaders will help craft a 21st century economic recovery plan with the goal of creating 2.5 million new jobs and strengthening our economy for the future.