Tax cuts in the plan, allowing companies to write off more losses and count more for depreciation of assets, amount to about $100 billion. Further, a $3,000 tax credit for each new job created is designed to spur new hiring, The Boston Globe reported Tuesday.

"The key way to think about this is from a political perspective rather than an economic perspective," Roberton Williams at the nonpartisan Tax Policy Center said.

Obama has moved "from the liberal side of the scale toward the conservative side," he said.

"They are trying to make it clear that they are going to be bipartisan and they want a stimulus package that is attractive from a lot of different political philosophies," said Sen. Judd Gregg, R-N.H.

Influential Congressman Barney Frank, D-Mass., said he would "like to see more spending."

"It is clear that direct spending of the right sort has a higher job impact," he said.

The U.S. Chamber of Commerce said the tax cuts were "large enough to make a difference and will benefit individuals and businesses."