The senator didn't want to speculate on whether there would be a vote on the measure before the Senate adjourns, which is expected to be next Thursday.
Baucus is expected to introduce a bill that, in the least, continues the Bush middle-class tax cuts and stops the estate tax returning to pre-2001 levels.
The proposal might also raise the tax on dividends to 20 percent instead of ordinary income rates, which is current law. Pay-as-you-go rules stipulate the change must be offset, which could cost approximately $100 billion over ten years. But Baucus might seek to waive the rule to stop Republicans from opposing the bill.
Combined, the overall package could cost roughly $2 trillion if Baucus makes the middle-class tax cuts permanent instead of extending them temporarily.
This figure does not include continuing tax cuts for the wealthy, which would add approximately $40 billion to the bill for a one-year extension and $700 billion if the senator extended the measures for ten years.