Lawmakers reached a deal on the stimulus bill Wednesday after 24 intense hours of negotiations, cutting the cost from more than $800 billion. It now goes back to both chambers of Congress, with the final votes to begin as early as Thursday.

The agreement was a huge victory for Obama, who had been pushing for approval of a stimulus package even before taking office Jan. 20. But he failed to win the Republican support he courted as part of his campaign pledge to work with the opposition even though his Democratic Party has a majority in both chambers of Congress.

Republicans complained that the bill included wasteful spending and that greater tax cuts would be more effective in lifting the United States out of its biggest economic crisis in 80 years. Obama is not expected to pick up more Republican support than he had in earlier votes, when only three Republican senators and no Republican House members backed the plan.

The president was headed Thursday to Peoria, Illinois, as he continued his campaign to promote the plan. Earlier this week he held town hall rallies in Florida and Indiana to build public support for the stimulus.

A day earlier, Obama used Peoria-based Caterpillar Inc. as an example of how his stimulus plan can help produce jobs. During a visit in Virginia, Obama said the heavy equipment manufacturer plans to rehire some of its laid-off workers if Congress approves a sweeping stimulus bill. The company hasn't commented on that assertion.

Obama approved of the stimulus compromise reached Wednesday, saying it would "save or create more than 3.5 million jobs and get our economy back on track."

But the top Republican in the House of Representatives, John Boenher, said "it appears that Democrats have made a bad bill worse by reducing the tax relief for working families in order to pay for more wasteful government spending."

The stimulus plan includes spending on infrastructure projects, expanded unemployment benefits, aid for small businesses and billions for states that face the prospect of making deep cuts in education and other programs. Obama's much touted tax break for middle- and working-class Americans survived but was scaled back. To tamp down costs, several tax provisions were dropped or sharply cut back.

The president also won money for two other administration priorities - information technology in health care, and "green jobs" to make buildings more energy-efficient and reduce the nation's reliance on foreign oil.

After final agreements were sealed Wednesday afternoon, staff aides worked into the night drafting and double-checking in hopes of officially unveiling the measure Thursday.

The compromise bill now goes back to both chambers, with the House of Representatives voting on the bill as early as Thursday, though Friday seemed more likely. The Senate would follow, but its schedule is less certain.

Obama's other plan to help the economy, the bank bailout, has not been well received. Treasury Secretary Timothy Geithner announced a plan that could send as much as $2 trillion in public and private funding coursing through the banking system and the broader economy and stressed the government would act to stop "catastrophic failure" of financial institutions.

However, there were doubts about whether the private sector would sign on and criticism that the proposal was short on details. U.S. stocks plummeted shortly after Geithner's announcement.

The bailout is built upon the $700 bank bailout fund established under former President George W. Bush last year. Bush's administration has already allocated half the fund, leaving the rest for the Obama administration.