In an attempt to win over Republican support for a possible $775 billion two-year economic-stimulus package, as also to urge companies to create jobs, President-elect Barack Obama and Congressional Democrats propose to offer nearly $300 billion in tax cuts to individuals and businesses. The proposed cuts are surprisingly expected to make up almost 40% of the stimulus package.

The move will, in all probability, put to rest the anxieties of Congressional skeptics about being overly focused on government spending, rather than relying more on tax cuts. In fact, with more attention focused on the tax cuts, Obama aides expect to structure the plan as an objective, realistic approach.

In order to garner support in Congress as well as among the broader public for his approach to stimulating the economy, Obama plans to have a meeting with Congressional leaders on Monday, and also deliver a speech on Thursday. His team has already disclosed the scope and some details of the emerging economic program on Sunday.

However, despite the ongoing efforts, Democratic leaders in Congress recognize the fact that, as was being anticipated earlier, the economic package might not be ready for Obama's signature straight away after his inauguration on January 20.

On 'Fox News Sunday,' Maryland Representative Steny H. Hoyer, who is the House majority leader, said: "It's going to be very difficult to get the package put together that early so that it can have sufficient time to be reviewed, and then sufficient time to be debated and passed."