U.S. lawmakers have passed a $787 billion stimulus package aimed at boosting the economy which President Barack Obama had wanted the Congress to approve and has said he will sign into law.

The Senate voted to approve the bill 60-38 on Friday night, while the House of Representatives had agreed to pass it with a vote of 246-183.

The President could pass the bill as early as next week. He had requested that Congress act on the measure by mid-February.

This is a major milestone on our road to recovery, the President said in his weekly address to the nation. I will sign this legislation into law shortly.

The funds will go towards a mix of federal government spending and tax cuts.

The bill's passage is also a hard-won political battle for the President and Democratic lawmakers. Both have said the package would create or preserve about 3.5 million jobs to help the ailing U.S. economy in contrast to Most republican politicians who say the bill includes too much spending.

In the House, no Republicans voted for the bill. In the Senate, only 3 Republicans voted in favor.