But house Republicans don't believe this bill will provide the fix the ailing economy needs, and have promised to vote against the bill. They accuse Democrats of creating new entitlement programs with little debate and say this legislation is bloated with what they view as "wasteful spending."
"We can't borrow and spend our way back to prosperity," said Mike Coffman (R) Colorado.
Democrats, who have enough votes to pass the bill without Republican support, disagree, saying this bill will save the economy from falling into a deeper and more painful recession.
"This package coming before us today is actually doing something for the American people," said Rep. Earl Blumenauer (D) Oregon.
The president may not get the bi-partisan bill he wants to demonstrate that the days of political gridlock are over. But he'll get another chance as debate on the senate's version could start as early as Friday.
"I think we have to remember we're at the beginning of this process," said Rep. John Boehner (R), Minority Leader.
Debate on the house floor is expected to continue through Wednesday afternoon with a vote scheduled first thing Wednesday evening.
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