By Susan Cornwell and Richard Cowan
WASHINGTON (Reuters) - The Senate sought to hold its final debate on a $789 billion stimulus bill to revive a staggering U.S. economy on Thursday, but passage of the measure could be put off at least until Friday.
"It is our intention to try to bring it up for consideration today," Senate Assistant Majority Leader Richard Durbin said one day after congressional negotiators hammered out a compromise on the measure. He indicated final details were still being worked out.
The urgency was highlighted by employment data released on Thursday showing the U.S. labor market remained mired in a deep recession. Although the number of workers filing new claims for unemployment benefits fell, it was by less than expected,
Senate aides said a vote might not take place until Friday at the earliest, but the schedule was still being discussed.
Leadership aides in the House of Representatives said that chamber likely would handle the massive tax-cut and government spending bill on Friday.
President Barack Obama, who has called for fast action on the legislation to avoid economic "catastrophe," wants to sign the legislation into law within days.
Democrats say the stimulus bill will create or save up to 4 million jobs.
The package is split into 36 percent for tax cuts and 64 percent in spending and other provisions. Obama had called for a 40/60 split in his effort to jolt the economy out of the recession that started in December 2007.
Negotiators signed off on a compromise late Wednesday, after talks between a small group of negotiators in the House and Senate.
Republicans criticized the huge cost of the bill at a time when the U.S. budget deficit already was projected to breech $1 trillion this year.
But Durbin said that without the emergency spending, the situation would only get worse -- and the deficit with it -- as government revenues fell in a contracting economy.
As part of his campaign to build support for the package, Obama was flying to Peoria, Illinois on Thursday to visit a factory owned by heavy equipment maker Caterpillar Inc, which he has said would be able to rehire some laid-off workers once the stimulus is approved.
(Additional reporting by Susan Cornwell and Deborah Charles; Editing by David Storey)
