The $ 713 billion plan drafted by Senator Mel Martinez of Florida, who has been working with a handful of other GOP senators.
The proposal includes $ 430 billion in tax cuts, $ 114 billion for infrastructure projects, $ 138 million to expand unemployment insurance, food stamps and other provisions to help the needy and $ 31 million to address the housing crisis.
The draft Martinez together is a broader approach to what some GOP leaders have suggested.Minority Leader of the Senate, Mitch McConnell and other Republicans seem to want to limit the stimulus tax cuts and address the housing crisis.
However, the bill is narrower than the Democrats' plan because it eliminates spending on government programs that Republicans and some Democrats say should not be in the bill because it creates jobs.
Martinez has started to show the plan to his colleagues, and it is too early to say how much traction this idea will receive among other legislators.
McConnell on Monday rejected the idea that Republicans are trying to block the passage of economic stimulus plan.
"No one I know is trying to keep one step package," he said at a press conference on Monday. "We are trying to reform."
The House last week approved $ 819 billion for a stimulus bill, without a single Republican vote, despite Obama's efforts to work with both sides of the aisle.
The House version of the two thirds of spending and one third of the tax cuts.
Of concern for Republicans is how the money will be spent in the near future. An analysis released Monday by the Congressional Budget Office estimated that the stimulus plan before the Senate is 78 per cent of the funding proposal (including loss of income tax reductions) to the end of fiscal year 2010. Sixty-four percent of the House bill was put to use during the same period, according to the report.
Much of the $ 550 million in spending is divided between rural areas: $ 142 million for education, $ 111 billion for health care, $ 90 billion for infrastructure, $ 72 billion for aid and benefits, $ 54 million for energy, $ 16 billion for science and technology and $ 13 million for housing.
The Republicans have destroyed many measures in the package, such as funding for veterans in the Philippines, grass on the National Mall and the honey of insurance.
On Monday, Senate Democrats dropped two controversial programs in the Senate spending bill for economic stimulus: $ 75 million for programs to fight smoking and $ 400 million for the prevention of STDs and HIV .
Two Democratic leadership source say that Democrats dropped from the program as a "symbolic gesture" to show that Republicans are listening to their objections.
But a Democratic source also said, "It is difficult to explain when you're in the midst of a crisis of why these programs are important. When people are struggling and thinking about their jobs, it is difficult to make that connection."
Republicans, Democrats and even some have been pointing to both of these elements as examples of "excessive spending" that has no place in the stimulus bill.
The CBO analysis said the stimulus plan before the Senate would increase the deficit of $ 885 million over the next decade - about $ 64 million more than the bill passed the House last week.
The cost difference is largely due to a provision in the Senate bill that would "patch" for one year the alternative minimum tax so that it does not start to hit middle and upper middle income families.
Sen. John McCain said Monday that he could not vote for the Senate bill in its current form.
Former Republican presidential candidate, said President Obama and the Democrats have to "negotiate seriously" with the Republicans if they want to pass a stimulus plan with bipartisan support.
"I think we are clearly willing to sit down, discuss, negotiate an incentive package that will create jobs," McCain said.
"But now is the time after the way we passed by the House without Republican support. He was shot down by the Senate to date. We have to negotiate seriously. We have not done that yet."
McCain said he has been working with other Republican senators to develop a plan that eliminates the policy changes that have nothing to do with job creation.
He said that the way to separate what is pork and what is not asking for two things: Are you in force in the next year or so? And do not create jobs?
One change already made in the Senate version is the addition of $ 71 million to fix the alternative minimum tax, which is intended to tax the rich, but now many hits middle-class families.
The Senate bill also added a payment of $ 300 to seniors, the disabled and others unable to work and suspending taxes on the first $ 2400 in unemployment benefits.
Meanwhile, House Republican leaders a list of more than 30 "wasteful" provisions of the Senate version of the stimulus, including:
• U.S. $ 246 million tax break for Hollywood movie producers to buy the films
• $ 650 million for digital television (DTV) converter box coupon program
• $ 248 million for furniture in the new Department of Homeland Security Headquarters
• $ 600 million to buy hybrid vehicles for federal employees
• $ 1 billion for the 2010 Census
Asked if it would be better for the president to offer up two bills - one for job creation and other programs for the Democrats thought neglected during the Bush years - Senator Ben Nelson, D-Nebraska, said that "might be a better way to bifurcate the issues."
"But sometimes to put things together, because the efficiency of something," he said. "And there's no pork in this. Let me say immediately. However, there may be some sacred cows."
Nelson and Senator Susan Collins, R-Maine, last weekend the laundry bill of costs is not strictly aimed at employment and economic growth moderate Republicans and conservative Democrats are more likely to vote for him .
President Obama said Monday that both sides must work together so that a bill can be approved quickly.
"There are still some differences between Democrats and Republicans in the Capitol, and the White House and some of the products that have been discussed in the Capitol," he said. "But we can not do is make very modest differences in the way the package advance quickly."
Obama came after meeting with the observations of Vermont, Jim Douglas, governor, a Republican governor who supports the program of economic stimulus.
The President also met Monday with Democratic congressional leaders.
Obama said Sunday he is confident in its economic package will support a Republican after the final plan is developed.
"I have made special distribution, I think the Republicans because it has some good ideas. And I want to make sure that these ideas have been incorporated," he said in an interview with NBC.
"We're going to be a cut - things that are not relevant to put people back to work now," he said.