The economic stimulus package, which will be under consideration by the Senate this week, appears to be hanging on tenterhooks - while the GOP leaders opine that unnecessary spending and excessive focus on housing issues and tax cut might defeat the bill, President Obama is hopeful that the package would receive "substantial support" from Republicans.

There apparently is considerable disparity between the parties over what form the bill should take. Though the Democratic-controlled House passed the bill without much ado, it failed to fetch any Republican votes. The $890 billion Senate version of the package varies from the $819 billion version passed by the House; and some Republicans feel the price tag is a bit too high.

A compromise needs to be worked out by the lawmakers on the competing versions, and the Democratic senators are seemingly open to making certain changes that would reflect Republicans' ideas on housing and spending for infrastructure.

In his interview with NBC's Matt Lauer, Obama said: "Look, the important thing is getting the thing passed. And I've done extraordinary outreach, I think, to Republicans because they have some good ideas and I want to make sure those ideas are incorporated."

Obama is confident that the final version of the legislation will find the support of the Republicans. On Monday afternoon, both Obama and Vice President Joe Biden intend meeting the congressional leaders at the White House.