The president has urged the Democratic-controlled Congress to pass the stimulus bill before the end of the upcoming holiday weekend so he can sign it into law.
Its goal is to create or save 3.5 million jobs in an economy that has seen massive job losses since the recession began in December 2007.
The House of Representatives was preparing to vote by midday and the Senate was expected to follow early Friday evening, but there was still no final agreement between Senate Democratic and Republican leaders to do so.
Meanwhile, a top economics adviser to Obama says the $790 billion stimulus plan set for a final congressional vote will help, but that it isn't a "silver bullet" to cure the problem.
Larry Summers, a onetime Clinton administration Treasury secretary who now heads Obama's White House economics council, called the bill "complex" and said getting it through Congress is a credit to the president's leadership.
He also warned that the country's economic woes didn't happen overnight and that it's "going to take time to fix."
Keep track of what Obama has been doing since taking office:
Day 24: Key Stimulus Dispute Settled...Sen. Gregg Withdraws (Feb. 12)
Day 23: Stimulus Pact Reached (Feb. 11)
- Congressional negotiators reached agreement on a $789 billion package of spending and tax cuts, handing a big victory to Obama in his effort to pull the economy out of a tailspin. But in a possible last-minute snag, negotiators delayed a meeting to vote on the compromise so lawmakers in the Senate and House of Representatives could be briefed. (Full Story)
- The Treasury Department will soon release documents providing information about the lending activities of the biggest 20 financial firms receiving government aid under the TARP plan. The first so-called “TARP intermediation snapshot” documents will be released Feb. 17 and on a monthly basis thereafter, according to Treasury spokesman Isaac Baker. (Full Story)
- Lawmakers urged Geithner to provide more details on how much taxpayer money the Obama administration's bank rescue plan ultimately will cost. Geithner declined to speculate on the likelihood the administration will ask for more funds beyond the roughly $350 billion remaining in the original $700 bailout program, but he told the Senate Budget Committee that further requests are possible. (Full Story)
Day 22: A New Bank Bailout Plan (Feb. 10)
- The US Treasury Department unveiled a revamped financial rescue plan to cleanse up to $500 billion in spoiled assets from banks' books and support $1 trillion in new lending through an expanded Federal Reserve program. (Full Story)
- A compromise stimulus package to revive the U.S. economy now hinges on negotiations between Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid. The Senate and House have passed competing bills calling for $838 billion and $819 billion respectively in new spending and tax cuts. (Full Story)
- The Treasury's latest financial-rescue plan is expected to use a variety of methods to take bad assets off of banks' books, including encouraging private firms to buy up the toxic debt, sources told CNBC. (Full Story)
- The Obama administration's financial-rescue plan will contain a number of measures meant to ease the credit crunch, including a public-private initiative to take bad assets off of banks' balance sheets, mortgage loan and foreclosure relief and a new consumer lending initiative, according to the government's summary of the plan. (Full Story)
Day 21: Stimulus Bill Passes Crucial Senate Test (Feb. 9)
- An $838 billion economic stimulus bill backed by the White House survived a key test vote in the Senate despite strong Republican opposition, and Democratic leaders vowed to deliver legislation for Obama's signature within a few days. (Full Story)
- The comprehensive financial plan to be announced Tuesday by Treasury Secretary Tim Geithner will include an expanded loan facility that will purchase newly issued and newly rated Commercial mortgage-backed securities and private-label mortgage-backed securities, all AAA rated, CNBC has learned. (Full Story)
- The Obama administration pushed back the announcement of a keenly awaited bank rescue plan until Tuesday as it pressed lawmakers to settle their differences over a huge economic stimulus package. (Full Story)
- Obama insisted that only government can jolt the economy out of deep recession and offered an olive branch to longtime foe Iran, scrapping years of past U.S. policies. (Full Story)