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Aides insist that he is determined to govern from the political centre, reaching out to Republicans and independents, while not resisting pressure from a liberal Congress.

In an interview last week Mr Obama said that his top priority was to stabilise the stricken financial sector, because his plans for America will fail if there was a “meltdown in the banking system”.

He has pledged to give tax cuts to people earning less than $200,000 (£125,000) and to raise taxes for those earning more than $250,000. He also wants a two-year $188 billion stimulus package that some Democrats on Capitol Hill regard as inadequate. His three other priorities were listed as energy independence, healthcare reform and improving America’s education system.

These will not not come cheap. His plan to extend health insurance will cost $65 billion a year; he wants to pour $18 billion annually into education spending; and $150 billion over the next decade into developing cleaner energy sources. The latter will be financed by auctioning carbon-use permits, which business is likely to oppose as a tax on American jobs.

Mr Obama’s tax cuts will cost the US Treasury $80 billion a year. Analysts estimate that his total first-year spending could exceed $280 billion and that spending cuts he has proposed to offset this would fall $90 billion short. Aides say that ending the Iraq War could free up $90 billion, but Mr Obama has given no firm date on when he would withdraw US troops.

A plunge of 900 points in the Dow Jones index since Wednesday has underlined how his election has failed to halt the tumult on markets and that a deep recession could constrain his spending plans even more.

After promising that a “new dawn of American leadership is at hand”, there will be close attention paid to early decisions over the future of the Guantanamo Bay camp for terror suspects, as well as how he responds to military advice on Iraq and Afghanistan.

Can the promises be fulfilled?

Analysis by Matt Spence

Stabilising financial system

Promise Aides say stimulus packages totalling up to $188 billion could be passed before he takes office.

Reality There is no safe position on bailing out Wall Street while boosting the middle class. Nobody can predict the economy.

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