WASHINGTON - REBEL Democratic lawmakers who helped kill the Wall Street bailout bill despite warnings they could spark an economic catastrophe said on Tuesday they had 'no regrets' about their votes.

'I have no regrets about doing my job,' said Maryland Democratic congressman Elijah Cummings, adding that he voted against the US$700 billion (S$1 trillion) rescue plan because it gave no help to constituents facing mortgage foreclosures.

Mr Cummings described seminars he holds in his district for people losing their homes: 'These people have paid taxes for years and years and they have given their blood, their sweat, their tears for this country.'

'When the question is being asked, 'What should we do with US$700 billion dollars?'

'They say, 'You know what, I just want a little help'.'

Oregon Democrat Peter DeFazio called on the administration of President George W. Bush to fund an alternative bailout plan using money drawn from Wall Street itself and not the taxpayer to rescue the finance industry.

'I have no regrets, that is one of the best votes of my career,' he said.

Mr Lloyd Doggett of Texas, another Democrat who defied Congressional leaders as the House dramatically voted down the bailout package on Monday, said he did not believe attempts to amend the bill would work.

'I don't think you can put a patch here and get it going again,' he said.

Congress's Democratic leadership has vowed that lawmakers will not be able to leave for their election break until a package is passed to buy up bad mortgage debt crippling the US financial system.

The bill was killed by a loose alliance of Democratic rebels who wanted the bailout to include a stimulus plan, and conservative Republicans who disagree with the concept of the government bailing out Wall Street with public money.

The House next meets on Thursday, after a three day recess for the Jewish New Year festival of Rosh Hashana.

There is talk House leadership will try to pass a revived bailout bill when lawmakers return.

The Senate will vote on the rescue package on Wednesday as originally planned.

Mr Cummings, Mr DeFazio and Mr Doggett were among a group of lawmakers from both parties who plan to introduce an alternative financial rescue package dubbed the 'No Bailouts Act'.

The act would require the Securities and Exchange Commission (SEC) to require an economic value standard to measure the worth of financial institutions, no matter the current market value.

This move is designed to flush out paper losses for an asset when its market value plunges. Many firms have to report this paper trail, even if they have no intention of selling an asset.

The bill would also require the SEC to restrict naked short selling - the practice of selling a stock short without first borrowing a share.

It calls on the Federal Deposit Insurance Corporation to extend coverage for bank deposits from US$100,000 to US$250,000, a suggestion backed by president candidates John McCain and Barack Obama on Tuesday. -- AFP