President-elect Barack Obama has said dealing with the economic crisis is his administration's top priority, and it looks like the man who's going to head up those efforts is Timothy Geithner.

Clinton As Secretary Of State?

A senior Democratic official said Obama is likely to name Geithner as Treasury secretary. Geithner currently serves as president of the New York Federal Reserve. He earlier held posts in the Treasury Department under three administrations.

If he's nominated and confirmed, he'd take on chief responsibility for tackling an economic slowdown and a credit crunch that threaten to create the deepest recession in more than a generation.

And Sen. Hillary Rodham Clinton is saying through a spokesman that discussions are "very much on track" for her appointment as secretary of State, but no final arrangement has been made. But officials in both camps said they have every reason to believe that Obama will announce her as his choice shortly after Thanksgiving.

The New York Times on Friday afternoon reported that Clinton had decided to accept the position of secretary of state.

The report cited two of Clinton's confidants, one of whom said Clinton came to her decision after additional discussions with Obama about the nature of her role and his plans for foreign policy.

Also, a senior Democratic official said New Mexico Gov. Bill Richardson has emerged as a serious contender for Commerce Secretary.

Richardson had been in the running for secretary of state.

The official with knowledge of the private Cabinet discussions spoke on background because the deliberations are not final.

Richardson is a prominent Hispanic leader who endorsed Obama after dropping his own presidential bid this year.

Obama also has selected Eric Holder, a top Justice Department aide in the Clinton administration, as his attorney general.