His announcement came a day after one of his top economic advisers, former Federal Reserve Chairman Paul Volcker, said the global economy may be deteriorating even faster than during the Great Depression of the 1930s.

Since being sworn into office on January 20, Obama has sought to reassure Americans that his government is tackling the economic crisis boldly and swiftly -- holding near-daily events to announce measures to stem mortgage foreclosures, prop up failing banks, rescue the ailing auto industry and drive his stimulus package through Congress.

The measures have received a mixed early reaction from gloomy financial markets uncertain whether they will succeed in arresting the downward economic spiral.

The package includes $282 billion in tax cuts -- the Republicans pushed unsuccessfully for more -- and $120 billion for public works projects including highway and rail projects.