George Bush has called on lawmakers to improve a fiscal relief package giving the struggling United States economy a "shot in the arm".

The US president adopted a typically Republican approach to the problem, demanding Congress approve a package "built on broad-based tax relief" and not "spending projects".

Speaking from the White House, he said the package would have to be large enough to make a difference, specifying one per cent of US GDP as an appropriate amount. That equate to about $145 billion (£74 billion).

Describing the collapsed US subprime market as among those experiencing "adjustments" at present, Mr Bush said he wanted both business investment and consumer spending to receive a boost from the package.

He said he was confident agreement could be reached, despite talking of the benefits of "letting Americans keep more of their own money".

"Americans could use this money as they see fit – to help meet their monthly bills, to cover higher costs at the gas pump and pay for other necessities," he said.

"I believe there is enough broad consensus that can be approved with bipartisan support."

Expressing confidence about the "fundamentally strong" US economy, Mr Bush added he hoped the relief would then be made permanent to avoid "massive" tax relief in the future.

He concluded: "I know Americans are concerned about their economic future but our economy has seen challenging times before and it is resilient. In a vibrant economy, markets rise and decline. We cannot change that fundamental dynamic.

"Americans have shown time and again that they are the most industrious, creative and enterprising people in the world. That\’s what\’s made our economy strong and that is what will make our economy stronger in the challenging times ahead."