House Democratic leaders announced an emergency Democratic Caucus meeting for Wednesday afternoon to give Members a heads up on the status of the economic stimulus bill, on which House and Senate negotiators are rapidly nearing a deal.

Democratic leaders headed into a leadership meeting at 2 p.m. and are expected to set a specific time for the emergency Caucus meeting after the nearly $800 billion package is finalized, according to a senior Democratic aide.

Lawmakers have been working furiously to finalize the deal, the outline of which appears to be in hand. The package is likely to top out at $790 billion.