Officials were quoted by major TV networks as saying that the tentative agreement was for a bill with a 780-billion-dollar price tag, lower than the original roughly 935-billion-dollar stimulus plan.
Many Republican senators have said they want the total package's cost down to about 800 billion dollars.
Democrats, who have 58 of the 100 seats in the Senate, will need at least two Republican votes to avoid procedural roadblocks which could stymie the measure.
The House passed an 819-billion-dollar version of the stimulus plan last week, but no Republican voted in favor of it.
U.S. President Barack Obama Friday named a team of leading economists to help him on the stricken economy as he continued to push the Congress to quickly approve his massive stimulus plan.
The new Economic Recovery Advisory Board, to be headed by Paul Volcker, a former Federal Reserve chairman, will offer independent advice in regular briefings to the president, vice president and their economic team
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