WASHINGTON - US President George W. Bush will court senators poised to vote on an embattled economic rescue package on Wednesday, the White House said, pushing the US Congress to pass the plan 'this week'.

'We look forward to the debate, and hope to see strong support. The president will be speaking with senators today,' said spokesman Tony Fratto, who praised the top Democrat and Republican for their work on the bill.

'This morning we're seeing increased evidence of the credit squeeze on small businesses and municipalities all across the country, so it's critically important that we approve legislation this week and limit further damage to our economy,' Mr Fratto said in a brief statement.

Senators were to vote on Wednesday on a revised US$700-billion (S$1-trillion) Wall Street bailout after the House of Representatives rejected the original package, sending shockwaves through global markets.

The surprise vote, following Mr Bush's warnings that inaction could send the US economy into a deep recession, was expected after sundown on Wednesday when the Jewish Rosh Hashanah holiday ends.

Fratto praised Democratic Senate Majority Leader Harry Reid and Republican Minority Leader Mitch McConnell for working 'to modify the bill and bring it to the floor for a vote tonight'. -- AFP