Barack Obama has warned Americans that the US economy will get worse before it gets better. But many economists are worrying that the large fiscal stimulus package the president-elect has begun to sketch out over the past few days will keep getting larger the longer it takes to get on to the statute books.

With George W. Bush refusing to contemplate another economic stimulus, the soonest Mr Obama’s package could get into the pipeline would be on January 20 following his inauguration as president. Congress, which starts work on January 6, could have a bill ready by then.