Addressing his first news conference after assuming office on January 20, Obama said the stimulus plan was "not perfect", but would create up to 4 million new jobs, 90 per cent of which will be generated by the private sector.

"I think my initial measure of success is creating or saving four million jobs. That's bottom line number one, because if people are working, then they've got enough confidence to make purchases, to make investments," Obama said at the prime-time live news conference.

Earlier, the Senate cleared the USD 838 billion version of the legislation by a 61-36 margin, with three Republican senators voting for it.

Calling the current economic crisis the "worst" since the Great Depression of the last century, Obama appealed to the Congress to set aside differences and pass the stimulus package as the federal government only can break "vicious cycle" gripping the US economy.