WASHINGTON, Jan. 31 (UPI) -- U.S. Senate leaders lacked the votes Thursday to pass a $157 billion economic stimulus package and said they would accept a less ambitious plan, a report said.

The Senate Finance Committee had approved the larger package earlier in the day. It included significant differences from a measure approved Tuesday by the House of Representatives.

Senate Democratic leaders told The New York Times (NYSE:NYT) they could not get 60 votes for the $157 billion package. They said they hoped to be able to find enough votes for some important changes to the House plan when they vote on it, possibly Wednesday.

The House plan was worked out with the Bush administration but the Senate package included payments to 20 million low-income senior citizens and 250,000 disabled veterans, which the House version excludes.

The Senate version raised the cap on individual eligibility from $75,000 to $150,000, and for couples from $150,000 to $300,000.

The House version could get checks in the mail in May. Senate Finance Committee member Chuck Grassley, R-Iowa, said "concern with timing must be weighed against the question of the quality of the House bill."

Two other Republicans on the committee, Olympia Stowe of Maine and Gordon Smith form Oregon backed the bill. Senate Minority Leader Mitch McConnell, R-Ky., reportedly planned a filibuster to push the House version through.