The goal is to net at least 12 more House of Representatives votes than the rescue proposal received on Monday (early Tuesday, Singapore time), when lawmakers rocked the political and financial worlds by rejecting it.

The vote for the initial proposal was 228 against and 205 for.

The new and surprising move by Majority Leader Harry Reid and Minority Leader Mitch McConnell appears likely to be supported by the Senate.

This will put pressure on the House, when it votes a day after the Senate, to go along and send the measure to the White House.

The Senate vote is expected to take place at 7.30am Singapore time today.

Mr Bush and other global leaders were among the revised Bill's biggest cheerleaders.

The prime ministers of Britain, Japan and Australia yesterday urged US lawmakers to push the plan through.

But Russian Prime Minister Minister Vladimir Putin poured scorn on the United States, blaming the irresponsibility of the US financial system for the mess.

'Everything happening now in the economic and financial sphere began in the United States,' Mr Putin told a government meeting.

'This is not the irresponsibility of specific individuals but the irresponsibility of the system, which claimed leadership.'

The Senate gambit could anger some conservative House Democrats, who object to tax cuts that are not offset with spending cuts.

It is also risky because some House members might see it as a high-handed move by senators.

But Senate strategists are assuming it will gain more House votes than it will lose.

If so, Congress would be poised to pass landmark legislation giving the government the US$700 billion (S$1 trillion) it asked for to buy deeply discounted mortgage-backed securities that are choking off credit and roiling the markets.

The new approach tacks on large and contentious tax measures to the bailout Bill. Senate leaders figure the House will have to approve it because the tax cuts are appealing to Republicans and the financial rescue plan will still seem essential to most Democrats.

The US$700 billion bailout plan will confer extensive powers on the US Treasury Secretary to buy not just mortgage-related securities that are at the heart of the financial crisis, but also other bad debts like vehicle loans and credit card loans.

To obtain this unprecedented authority, US lawmakers from both the Senate and the House of Representatives must give their approval.

ASSOCIATED PRESS, AGENCE-FRANCE PRESS

Additional information from BBC and CNN