WASHINGTON - BARACK Obama's incoming administration is close to finalising a figure for a huge economic stimulus plan set for rapid adoption in the New Year, vice-president-elect Joseph Biden said on Tuesday.

'We're getting awful close to that,' he said after talks with president-elect Obama's top economic advisers, confirming that the plan is intended to create or save three million jobs over two years.

'It's clear that we're all on the same page including our Republican colleagues. This has to be substantial. It has to create jobs immediately,' Mr Biden told reporters.

While Mr Obama has called for a massive spending spree on crumbling US infrastructure, including roads and schools, Mr Biden said 85 per cent of the jobs created would be in the private sector.

'I know it's the Christmas season. But president-elect Obama and I are absolutely determined that this economic recovery package will not become a Christmas tree,' he said, vowing a package shorn of lawmakers' pet projects.

'Every dollar will be watched to be sure it's used in an effective manner. We'll spend what we need to turn this economy around and no more.'

The Obama stimulus plan was originally intended to safeguard 2.5 million jobs in the next couple of years. But its scope was expanded to three million jobs over the weekend as the US economy sank deeper into recession.

Mr Biden reaffirmed that Mr Obama wants the new Democratic-led Congress to make the economic package its top priority when it convenes in early January, calling it 'the most urgent order of business for the new administration'.

Pressed for details, he said: 'You get to see what's in the package when we've completed the package, and when we've negotiated a little bit more with our colleagues in the House (of Representatives) and Senate.'

Mr Obama and Mr Biden will take office on January 20. -- AFP