The package revolves around on a series of tax cut proposals and an effort to prop up the sagging US construction industry and help struggling property owners.
It includes billions of dollars for upgrading roads, bridges and energy grids. It is estimated that about $160 billion of the total $825 billion would go to construction with. transportation infrastructure getting $44 billion, schools $20 billion, housing $13 billion, other buildings $13 billion and health services buildings $4 billion.
Obama has personally urged congressional leaders to work swiftly to pass it and told colleagues that he sees help to property owners as a major part of staving off the real estate crisis.
'We are experiencing an unprecedented economic crisis that has to be dealt with and dealt with rapidly,' Obama said at a meeting as new figures showed that the US economy is sinking deeper into recession. Obama is anxious to create bipartisan approach to jolting the economy out of its worst crisis since the Great Depression nearly 80 years ago.
Republicans, who have voiced concern over the shape of the package and accuse Obama's majority Democrats of failing to take their views into account, left the meeting saying they had given Obama ideas of their own on new tax cuts.
Winning Republican support for the package will be an early test of Obama's promise to forge consensus and overcome the partisan politics that bitterly divided Washington under his Republican predecessor George W Bush.
'I recognise that there are still some difference around the table and between the administration and members of Congress about particular details on the plan,' Obama said.