By Ross Colvin and Matt Spetalnick
WASHINGTON (Reuters) - U.S. President Barack Obama said on Friday he expected an $825 billion (607 billion pound) economic recovery plan to be approved by his target of mid-February and urged congressional leaders to work swiftly to pass it.
"We are experiencing an unprecedented economic crisis that has to be dealt with and dealt with rapidly," Obama told reporters as he met with lawmakers at the White House.
Republicans, who have voiced concern over the shape of the package, left the meeting praising Obama for being open to suggestions on amending the stimulus plan. They had complained earlier that Democrats, who hold majorities in both the Senate and House of Representatives, were ignoring their views.
Winning Republican support for the package will be an early test of Democrat Obama's promise to forge consensus and overcome the partisan politics that bitterly divided Washington under his Republican predecessor, George W. Bush.
"I recognise that there are still some differences around the table and between the administration and members of Congress about particular details on the plan," Obama said.
But he added, "It appears that we are on target to make our Presidents Day weekend."
House Speaker Nancy Pelosi, a California Democrat, told reporters after the meeting she, too, believed Congress was on track to have a bill on Obama's desk before the February 16. holiday. "Again, if not, there will be no recess," she said.
REPUBLICAN TAX PROPOSALS
Senate Republican leader Mitch McConnell of Kentucky said he was confident Congress would meet the president's February deadline. Republicans on Capitol Hill said their proposed amendments to the stimulus package included tax cuts for workers and new tax deductions for small businesses.
Republicans are upset at the Obama administration's plans for the stimulus money, saying the $550 billion in government spending would add too much to the deficit and that the $275 billion earmarked for tax cuts is too little.
Republicans have also criticized the package for setting aside money for what they consider inappropriate projects that would not have an immediate effect of boosting the economy.
"How can you spend hundreds of millions of dollars on contraceptives? How does that stimulate the economy?" House Minority leader John Boehner of Ohio said after meeting Obama, without specifying what project he was referring to.
ECONOMIC DAILY BRIEFING
Obama says his plan aims to create or save 3 to 4 million jobs in the U.S. economy, which has been in a yearlong recession since the collapse of the housing market sparked a global panic over bank losses that in turn froze credit markets.
The new president has said that rescuing the U.S. economy is his No. 1 priority, and analysts say that, for now, his first term was likely to be judged on his ability to restore economic and financial stability.
In a change from Bush, Obama has added an economic briefing to his daily schedule to get the latest information.
He was due to receive the briefing from his top economic adviser, Larry Summers, later on Friday before meeting his nominee for Treasury secretary, Timothy Geithner.
Geithner said earlier this week that in coming weeks the Obama administration would unveil a multi-pronged effort to stabilise the housing market, strengthen core banks and support consumer credit.
The Senate Finance Committee voted on Thursday to approve Geithner despite initial controversy over the disclosure that he had failed to pay some U.S. taxes while working at the International Monetary Fund.
Underscoring the challenges facing Obama and his economic team, new government figures on Thursday showed that the number of U.S. workers filing new claims for jobless benefits rose by a more-than-expected 62,000 last week to 589,000.
(Writing by Ross Colvin, additional reporting by Jeff Mason, David Alexander, Jeremy Pelofsky and Richard Cowan, editing by Vicki Allen)
