(RTTNews) - President-elect Barack Obama is working feverishly in the remaining weeks before his inauguration to get a head start on his economic stimulus plan, aiming for bipartisan support in the face of a severe recession.

The package, which estimates place at $775 billion, will be largely made up of tax cuts, Obama’s advisors say.

The president-elect met with both Democrat and Republican lawmakers Monday to discuss his proposed package, aiming at a swift passage following his inauguration on January 20th.

At the meeting, Obama stressed bipartisanship.

“We may have disagreements, but I think it’s going to be possible for us to work out those disagreements in the atmosphere of civility and comity,” Obama said. “The American people, I think, are counting on us to act swiftly, boldly, but responsibly, in dealing with these issues.

“We are in a very difficult spot. The economy is bad. The situation is getting worse,” Obama said.

“The economy is badly damaged. It is very sick,” he added. “So we have to take whatever … steps are required to make sure that it is stabilized.”

The sense of urgency has contributed to the sense of bipartisanship, and Republicans are especially supportive of the tax cuts included in Obama’s package.

The “atmosphere for bipartisan cooperation was sincere on all sides,” Senate Minority Leader Mitch McConnell, R-Kentucky, said after the meeting.

“We welcome the opportunity to be included in the discussion,” McConnell added.

Also appearing at the discussion were House Speaker Nancy Pelosi, D-California, Senate Majority Leader Harry Reid, D-Nevada, and House Minority Leader John Boehner, R-Ohio.
The push for bipartisanship was also praised by Pelosi, who said that she expressed support for Obama’s decision to include Republicans.

Obama is scheduled to discuss his budget outlook Tuesday afternoon following a meeting with his top economic advisors.
In his economic stimulus plan, Obama is expected to propose $300 billion in tax cuts for individuals and businesses struggling as the economy struggles through a full year recession.

Job creation is central to Obama’s plan, with the president-elect aiming to create 3 million new jobs to combat the job loss and rising unemployment that marked 2008.

Other tenants of the plan include a possible middle-class tax cut which would give $500 back to individuals and $1000 for families, as well as benefits for small businesses.

One of the concerns over the stimulus is its hefty price tag, which has been estimated at upwards of $775 billion. The rapidly escalating federal deficit and mounting debt is adding stress to the nation’s balance sheets and could place a hefty burden on future generations.

The president-elect is reportedly planning a major speech Thursday to give details on his highly anticipated economic stimulus package.

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