WASHINGTON, December 9 (IslamOnline & News Agencies) - U.S. President George W. Bush Monday, December 9, tapped CSX Corp. chairman John Snow to be his new Treasury Secretary, following Paul O'Neill's departure last week.

The President also pledged to unveil "specific steps" soon for bolstering the U.S. economy's stumbling recovery, which political analysts say could be a major liability in his 2004 reelection bid, reported Agence France-Presse (AFP).

"John Snow has excelled as a business leader, an expert on economic policy, an academic and as a public servant," Bush said in a public appearance to herald Snow's nomination. "He'll be a superb member of my Cabinet."

Snow, a 63-year-old former transportation department official, is chairman, president and chief executive of CSX, which operates the largest freight rail network in the eastern United States. His nomination must clear the U.S. Senate.

If approved by Congress, Snow would replace Paul O'Neill, who was fired Friday, December 6, along with chief economic adviser Lawrence Lindsey in a White House shakeup to boost the flagging economy as the 2004 campaign season nears.

"John Snow will be a key adviser on the economy and a key advocate of my administration's agenda for growth, new jobs and wider and more international trade," said Bush.

"I'll be proposing specific steps to increase the momentum of our economic recovery. And the treasury secretary will be at the center of this effort," the President said.

Bush did not say who would replace his top White House economic adviser, Lawrence Lindsey, or who will helm the Securities and Exchange Commission after chairman Harvey Pitt's departure.

According to the Washington Post, Bush will name former Goldman Sachs chairman Steven Friedman to replace Lindsey.

The shakeup came as the Bush administration reportedly is considering a 100 billion dollar tax-cut package next year, as well as an extension of unemployment benefits.

Bush advisers hope those measures, combined with low interest rates and more spending on defense and homeland security, will give the faltering U.S. economy a boost.

Analysts expect the President to unveil a stimulus package with the new team expected to include further tax cuts, something the Democrats can do little about after losing control of Congress to the Republicans in the November elections.