House leaders vow bipartisan economic stimulus

WASHINGTON (Reuters) - Democratic and Republican leaders of the House of Representatives agreed on Wednesday to develop a bipartisan economic stimulus plan to help avert a possible recession.

"There is an agreement that we will work together to try to bring forward a package that truly is stimulative," House Republican Leader John Boehner of Ohio told reporters following a meeting with House Speaker Nancy Pelosi of California and other congressional leaders.

"I'm optimistic that we can go forward," Pelosi said, adding that she hoped it would be done in a timely manner.

High oil prices coupled with a housing crisis and credit crunch have economists and lawmakers worried that the U.S. economy could tip into a recession before the November congressional and presidential elections.

Lawmakers have said they plan to move quickly on a package of around $100 billion to $125 billion to help give the economy a boost in hopes of heading off a downturn. Pelosi's session with Boehner followed conversations earlier this week with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson. Congressional leaders are scheduled to meet Tuesday with President George W. Bush.

(Reporting by Donna Smith and Richard Cowan, editing by Neil Stempleman)