The U.S. Senate held a special session Saturday to debate President Barack Obama's economic rescue package after Democrats struck a late-night deal with several moderate Republicans to trim the bill to $827 billion.

That plan will include a tax cut of up to $1,000 for working couples and a tax credit of up to $15,000 for homebuyers.

While the president praised lawmakers for breaking the partisan impasse on Capitol Hill, critics like Sen. John McCain (R-Ariz.) called it a very bad day for America.

"There is no provision whatsoever once our economy recovers to somehow begin to reduce this multi-trillion dollar debt that we have laid on future generations of Americans,? McCain said.

However, Rep. Steve Israel (D-Syosset) believes that Obama?s ambitious recovery plan is just the kind of urgent action needed to rescue the hemorrhaging economy.

"I understand that Senator McCain would like perfection," Israel says. "We would all like perfection, but when you have 3.6 million newly unemployed people, you've got to act now."

Democrats need 60 votes to advance the bill to a final vote, which is expected to take place Tuesday.