President Obama today said that Washington had a duty to pass his $825 billion (£576bn) stimulus plan, claiming that up to four million jobs would be created or saved during what he described as a "perilous moment" for the US economy.

Almost as he spoke, in advance of a House of Representatives vote on the measure this evening, the US aerospace and defence company Boeing dealt the American economy another serious blow by announcing 10,000 job cuts.

Speaking after meeting 13 business leaders in the White House the new president said he was confident of securing his first political victory since coming to office. “We don’t have a moment to spare,” he said.

He added that his administration would make certain the money would be spent in full view of the public, with checks to ensure it is well spent, in a nod to Republican scepticism about the “size and scale" of the plan.

President Obama also announced the launch of a new website, www.recovery.gov, which he said would allow the public to scrutinise how money is spent.

“All we can do, those of us in Washington, is help create a favourable climate in which workers can prosper, businesses can thrive, and our economy can grow,” he said. “And that’s exactly what I intend to achieve soon.”

If passed tonight in the House, Democrats and the White House hope that Mr Obama can sign the bill into law by mid-February.

The stimulus is made up mainly of emergency spending and tax cuts, in what is one of the most expensive single bills ever considered by American politicians. It will include $275 billion in temporary tax cuts to spur spending and business investment as well as hundreds of billions of dollars for job-creating investment projects, health industry improvements, expanded aid for the poor and unemployed and education.

Other initiatives include over 3,000 miles of new electricity transmission lines and a drive to make 75 per cent of public sector buildings and 2.5m more homes energy efficient.

The plan enjoys wide public support, including from much of the business sector.

“I don’t expect 100-per cent agreement from my Republican colleagues,” he said. “But I do hope that we can all put politics aside and do the American people’s business."

As the company announced a fourth quarter loss of $56m, Boeing's chief executive Jim McNerney said the 10,000 cuts would be made “through attrition, retirement and layoffs". The figure includes 4,500 jobs cuts previously announced in the commercial aircraft division.

“The global economy continues to weaken and it’s affecting air traffic and financing,” he said.

“We must prepare the company, including being more aggressive in terms of productivity."

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