The Senate is set to vote today on its version of the economic stimulus package. The final price tag is said to be $838 billion. Senate backing would lead to talks with the House, which passed a larger bill last week. On Monday, President Obama continued to press for congressional approval. Speaking at his first presidential news conference, Obama again warned of “catastrophe” absent the bill’s passage.

President Obama: “Now, my administration inherited a deficit of over $1 trillion, but because we also inherited the most profound economic emergency since the Great Depression, doing little or nothing at all will result in even greater deficits, even greater job loss, even greater loss of income, and even greater loss of confidence. Those are deficits that could turn a crisis into a catastrophe, and I refuse to let that happen. As long as I hold this office, I will do whatever it takes to put this economy back on track and put this country back to work.”

Just three Republicans joined Democratic senators in moving to cut off debate for today’s final vote. Earlier in the day, President Obama traveled to Indiana, where he spoke at a campaign-style town hall in Elkhart.

President Obama: “The situation we face could not be more serious. We have inherited an economic crisis as deep and as dire as any since the Great Depression. Economists from across the spectrum have warned that if we don’t act immediately, millions of more jobs will be lost, the national unemployment rates will approach double digits, not just here in Elkhart, all across the country.”