Senior Democrats say they will back a plan worth $780bn (£534bn), instead of the $900bn sought by the president, in order to gain vital Republican support.
President Barack Obama has become angry with delays to the bill, which mixes big spending plans and tax cuts.
The Senate is now due to hold a vote in the coming days.
President Obama has spoken of "an urgent and growing crisis" and said further Senate delays would be "inexcusable and irresponsible" and lead to "a catastrophe".
His comments came as the latest unemployment figures showed that the US had had its single worst month for job losses for 35 years.
Almost 600,000 people lost their jobs in January alone - figures Mr Obama described as devastating.
The new $780bn plan is composed of 42% tax cuts and 58% new government spending, Democratic Senator John Kerry said, according to Reuters news agency.
Other details of the slimmed-down package are sketchy, but one Democrat told Reuters that the homebuyer tax credit and car tax credit were still in the bill.
The Democrats need to persuade two Republicans to vote in favour of the bill for it to gain the necessary 60 Senate votes.
Although Democrats hold a 58-41 majority, 60 votes are required to ensure the Republicans cannot block the bill with a filibuster.
Senate Finance Committee Chairman Max Baucus said that at least three or four Republicans would vote for the bill.
"The American people want us to work together," said Senator Susan Collins, a Republican who will vote in favour.
"They don't want to see us dividing along partisan lines on the most serious crisis confronting our country."
However, the Senate minority leader, Republican Senator Mitch McConnell, said that "most of us are deeply sceptical that this will work".
And his Republican colleague, John McCain, defeated by Mr Obama in last year's presidential election said: "You can call it a lot of things but bipartisan isn't one of them."
Mr Obama described as "devastating" the news that nearly 600,000 Americans lost their jobs in January.
"The situation could not be more serious. These numbers demand action," he said.
Mr Obama's remarks came as he unveiled a new board of economic advisers, chaired by Paul Volcker, former chairman of the Federal Reserve.
"I created this board to enlist voices that come from beyond the echo chamber of Washington DC," said Mr Obama, "and to ensure that no stone is unturned as we work to put people back to work and to get our economy moving."
About one-third of the bill is currently composed of tax relief, with the rest devoted to spending on infrastructure projects, like roads and bridges, new schools and alternative energy programmes.
"My own view is that you really need to do a fundamental reexamination of the whole global system to see what went wrong, and nobody here is yet ready to ask these kinds of fundamental questions in Davos."
- Kishore Mahbubani
"Capitol Hill is Israeli occupied territory."
- Pat Buchanan
"I created this board to enlist voices that come from beyond the echo chamber of Washington DC,"
- Barack Obama
a good President meets politicians with different vested interests, can tell Obama is struggling against dirty politicians. an innocent lamb walking in the midst of wolves.
He, Obama is walking on a very thin line, on one hand, he need these dirty politicians and businessmen for support, on the other, he needs to answer the public.
noone knows who is the mastermind behind JFK's assassination. Obama is toeing a very thin line indeed. is he really a fearless person?
Originally posted by Daddy!!:noone knows who is the mastermind behind JFK's assassination. Obama is toeing a very thin line indeed. is he really a fearless person?
I think that if there is going to be a president assassination, it will not come from a govt organisation.
Rather, I think it is more llikely to come from any of the private white supremacy orgs.
The new $780bn plan is composed of 42% tax cuts and 58% new government spending.
This means $327bn of tax cut and $452bn in new government spending. Will it work?
In a bleak report on Friday, the Labor Department said that almost 600,000 jobs disappeared in January and that a total of 3.6 million jobs had been lost since the beginning of the recession in December 2007. The unemployment rate, meanwhile, rose to 7.6 percent, from 7.2 percent a month earlier.
Losing more than a half million jobs in each of the last three months, the country is trapped in a vortex of plunging consumer demand, rising joblessness and a deepening crisis in the banking system.
http://www.nytimes.com/2009/02/07/business/economy/07jobs.html?_r=1&hp
Originally posted by 4sg:I think that if there is going to be a president assassination, it will not come from a govt organisation.
Rather, I think it is more llikely to come from any of the private white supremacy orgs.
I don't know, the Zionist extremists have always been very eager to resort to violence when they feel someone is obstructing their End-Of-Times crusade.
short USD
Originally posted by Daddy!!:short USD
??? WHat do you mean ...
Leaving out the question of the capability of Obama, Americans should have voted for status quo. Clearly, McCain has more exposure over domestic and international politics.
But the US demographic shift to that of Hispanic and Black, spells an emotional victory for these group of people. Americans have voted with their emotions than with their heads.
If the white supremacy group or the clandestine govt orgs send death squad to kill him at this time of the crisis, another abyss will await the rest of the world.