Schumer also said Democrats were looking to make a $7,500 tax credit for first-time homebuyers more generous.
Republicans, meanwhile, plan to push for broader and deeper tax cuts, to trim major spending provisions that support Democrats' longer-term policy goals, and to try to knock out what they consider questionable spending items, such as $870 million to combat the flu and $400 million to slow the spread of HIV and other sexually transmitted diseases.
Republicans also promise a focus on the housing crisis, which is largely unaddressed under the Obama plan.
"We look forward to offering amendments to improve this critical legislation and move it back to the package President Obama originally proposed - 40 percent tax relief, no wasteful spending, and a bipartisan approach," said Senator Mitch McConnell of Kentucky, the top Republican in the Senate.
The Senate debate promises to be a freewheeling affair, as senators will be able to offer more amendments than are allowed in the House, where the package passed without a single Republican vote.
Obama's stimulus plan would give states a cash infusion to deal with budget cuts. There are also big investments toward Obama's campaign promise of creating jobs that can reduce the nation's dependence on foreign oil. The centerpiece tax cut calls for a $500 break for single workers and $1,000 for couples, including those who do not earn enough to owe federal income taxes.
There are also tax breaks for businesses making investments in equipment and renewable energy production.
