Paul Ashworth, an economist at Capital Economics, said the success of the programme depended on the willingness of private investors to take part.

BBC: US unveils $1tn toxic asset plan

"The U.S. is still unable to sustain what used to be just average rates of growth, " said Paul Ashworth, chief U.S. economist at Capital Economics.

WSJ: Economy Adds 88,000 Jobs

Paul Ashworth, an economist at Capital Economics, said that depending on how long flooding lasts, the hurricane could maybe shave one tenth of US output during the quarter.

BBC: Sandy: Damage estimated at up to $20bn