The Senate was holding a rare session Saturday to discuss a wall-down version of the original $ 900bn (£ 612bn) plan to revive the U.S. economy flag.
Obama praised Senate Democrats and moderate Republicans try to reach the proposed compromise.
The Senate is now expected to vote on the bill early next week.
Senior Democrats, with support from some Republicans, agreed on Friday to support a version of the bill of $ 780bn (£ 528bn), instead of the $ 900bn sought by the president.
Most Senate Republicans said they oppose the bill, however, said much of the spending was unwarranted and would impose a crushing burden of debt on future generations.
“The scale and scope of this plan is correct, and the time to act is now,” Mr Obama said in his weekly radio and the Internet.
“If you do not move quickly to implement this plan, our economic crisis could become a national catastrophe.”
Majority Leader Harry Reid said the Senate that the 58 Democratic senators just enough Republican support to win 60 of the 100 Senate votes necessary to avoid delaying tactics legislature.
If the Senate passes its version of the bill must be reconciled with the House of Representatives has already approved the release of both chambers before the vote on the reconciled version to send to President Obama to sign.
House of Representatives Speaker Nancy Pelosi said it expects to complete a version to be ready by the president of the deadline of February 16.
Mr Obama hailed the project as a Senate bill to provide “jobs to rebuild our crumbling roads, bridges and levees and dams … [and] immediate tax relief for our middle-class struggle.”
New U.S. employment figures were released on Friday showing that nearly 600,000 jobs were lost in January, pushing the unemployment rate to 7.6% – its highest in 17 years.
Republicans even reducing the Senate bill contained too much spending and tax cuts are not enough.
“For the last two weeks have been trying to force a massive spending bill in Congress under the guise of economic distress,” said Republican National Committee Chairman Michael Steele.
“The quickest way to help [fight] to allow families keep more of their money they earn.”