Barack Obama on Monday said his proposed stimulus package would be as big as necessary to shore up the economy and lay the foundations for renewed growth, amid predictions it could match the government’s $700bn financial sector bail-out for size.

The president-elect made the pledge as he unveiled the team that will lead his administration’s response to the economic crisis, spearheaded by Tim Geithner, as Treasury secretary, and Larry Summers, as chief White House economic adviser.