The economic team of the US President-elect Barack Obama is going to propose a stimulus plan for more than USD 500 B, the Wall Street Journal reported Monday.

The new package contains federal spending and tax cuts over the next two years, and according to the WSJ, it would be "far more aggressive than anything envisioned during the campaign".

The Democratic-dominated Congress is expected to pass the plan bill after New Year's in order to have ready for Obama to sign right after his inauguration on January 20.

Obama's stimulus plan would come in addition to the TARP (the 700 B Troubled Asset Relief Program), which has been designed to prop up financial institutions, and has been the major response of the US government to the effects of the global financial crisis.

At a special press conference later on Monday Obama is going to introduce his economic team, which include the Harvard economist Lawrence Summers, who will be in charge of the White House National Economic Council, and President of the New York Federal Reserve Bank Timothy Geithner, whom Obama has selected for Treasury Secretary.

The Director of the US Congressional Budget Office Peter Orszag is believed to become the Director of Obama's Office of Management and Budget.

The present Governor of New Mexico Bill Richardson, who was also a candidate for the 2008 Democratic Presidential nomination, is expected to be appointed US Secretary of Commerce, the Bulgarian Information Agency BTA reported.

On Monday Obama is expected to issue an assurance to investors and consumers alike that he would take fast and decisive action in the month to come to cope with the financial crisis effects.