WASHINGTON (Reuters) - President Bush will urge Congress to pass as large a tax cut as possible, a senior U.S. official said Wednesday, signaling the president may accept less than the full amount he proposed.

Bush will tout his $726 billion tax cut plan during a closed-door meeting with private-sector economists, including discount brokerage founder Charles Schwab.

Treasury Secretary John Snow and other administration officials continue to lobby lawmakers aggressively to pass the tax cut package in its entirety.

But several administration officials acknowledged they would have to compromise after the Senate voted last week to slash Bush's tax cuts by more than half amid concerns over record budget deficits and mounting costs for the war in Iraq.

A senior administration official said Bush was pushing for "as large an amount as possible, as close to the House package as possible."

The House of Representatives included the entire Bush tax cut in its own budget.

In a severe blow to a plan the White House says would help boost the economy and create jobs, the Senate voted to slash the tax package to $350 billion.

Republican leaders hope to restore as much of the package as possible when the House and Senate meet to work out the differences between the two plans. Congressional negotiators will meet on Wednesday to begin hammering out a compromise version of the budget.

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"The president thinks $726 billion is the right number and we're going to work with Congress to make sure we provide as much a boost...as possible," an administration official said.

Wednesday's meeting with Wall Street economists will help Bush assess the "status of the economy," an official said.

Snow and Stephen Friedman, the White House's chief economic advisor, will take part in the meeting. Federal Reserve Chairman Alan Greenspan will not attend.

Bush has proposed eliminating taxes investors pay on dividends, accelerating across-the-board rate cuts and providing a $400-per-child increase in the tax credit for families with children.

Democrats and some moderate Republicans have denounced the plan as a windfall for the wealthy that would provide little immediate help to the economy and swell an already record budget deficit.