Barack Obama's economic team is putting together a financial recovery package that could bet worth as much as $850 billion over the next two years, the Wall Street Journal reported today.

Advisers working on the president-elect's transition team indicated that the package was likely to be worth between $675 billion and $775 billion but could go higher as it made its way through the House of Representatives and the Senate.

The incoming president and his team have sped up work on the package of economic stimulus this week before Mr Obama leaves for his two-week Christmas holiday. They hope to have it ready for when Congress returns on January 6 so that the legislation can be seen by the House and Senate before the presidential inauguration on January 20.

The package is likely to include a tax designed to put between $50 billion and $100 billion into the economy as soon as possible and about $100 billion in assistance for state governments. There will be funding for at least five key areas, including infrastructure, school construction and broadband access.

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