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Barack Obama says the "extraordinary action" his budding administration has taken to heal America's economy is already bearing fruit.

The United States president told an audience in Washington DC that there were "glimmers of hope" that the country's economy had begun the long road to recovery.

A Democrat-dominated Congress has already approved President Obama's $787 billion fiscal stimulus package, as well his administration's first budget, which stands at $3.6 trillion.

"For the very first time there are glimmers of hope," he said in Georgetown.

"I see a vision of an American future far different than the troubled economic past; an America teeming with new industry and commerce, humming with new discoveries.

"And the house upon the rock will be proud, sturdy, unwavering in the face of the greatest storms."

But Mr Obama, who said his administration had faced "extraordinary challenges with extraordinary action", added: "We will not finish it one year, or in many, but we will use this moment to lay the new foundations, come together for the hard work of rebuilding and persevere.

"There is no doubt in my mind that this house, just as the dreams of our fathers will live on in our time, will stand."

President Obama's economy speech - highlights

• America must "lead the world again"
• The recession was caused by a "perfect storm of irresponsibility and poor-decision-making
• No-one is more frustrated with AIG than the president