WASHINGTON, Jan. 18 (Xinhua) -- The leader of the U.S. House of Representatives, Speaker Nancy Pelosi, said on Friday Democrats welcome President George W. Bush's plan on economic stimulus package.

    "Democrats welcome President Bush's willingness to work together with Congress to provide urgent relief to the millions of Americans facing economic hardships," Pelosi, a Democrat, said in a statement.

    "We have agreed on the need to provide assistance immediately, and Congress will continue to work with the administration to stimulate the economy in a way that is timely, targeted, and temporary," she said.

    "The president has outlined his principles, as have Democrats and Republicans in Congress. Now we will work together on the details of a stimulus package," she added.

    Earlier on Friday, Bush called for a package of tax cuts and other measures totaling 140 billion U.S. dollars to fend off a possible recession.

    "This growth package must be big enough to make a difference in an economy as large and dynamic as ours, which means it should be about 1 percent of GDP," Bush said at a White House announcement.

    In current terms, 1 percent of GDP would amount to more than 140 billion dollars.