Washington - The White House on Tuesday pushed for the passage of its 700-billion-dollar financial rescue plan a day after it collapsed in the US House of Representatives.

With a worried eye on stock values, President George W Bush again insisted that the US Congress act and warned of "urgent" consequences if it does not.

The White House said Bush would continue to discuss the deal with congressional leaders and administration officials in hopes of getting it passed by the end of the week.

"The president intends to stay here to work on this financial rescue package with members of Congress for as long as it takes to get this done, because it is - it is critical," White House spokesman Tony Fratto said.

He did not provide details about what alterations to the bill the White House might consider to secure its passage.

On Monday, the House of Representatives rebuffed a 700-billion- dollar life raft for Wall Street in a 228-205 vote. Bush's own Republicans voted against the plan by a 2-to-1 margin. The House is closed on Tuesday for the Jewish New Year celebrations but could reopen on Wednesday.

Senate Majority Leader Harry Reid, a Democrat, said his upper chamber would continue to move forward with the bill.

"We are all committed to keeping the progress of the rescue package moving forward," Reid said. "In the coming days, I will continue doing everything possible to see this dire and avoidable financial crisis through to the best possible outcome and towards a future of stability and growth for our country's economy."

In the US alone, share prices shattered records with their sudden dive on Monday, but stocks were rebounding on Tuesday on renewed hopes for a deal and as investors saw opportunities to snap up shares at bargain prices.

Bush noted that Americans alone lost 1 trillion dollars in Monday's decline and warned of the impact on the retirement accounts and personal savings of millions of people.

He said if the country "continues on this course," the harm will be everlasting.

Bush said the plan did not represent a choice between government action and the free market.

"Our country is now facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush said. "For the financial security of every American, Congress must act."

A Washington Post-ABC News poll showed most Americans believe there is a financial crisis, with about 90 per cent concerned that a failure of the bill could prompt further decline. Still, just 45 per cent of those surveyed supported the unpopular bill. The poll of 520 adults had a margin of error of plus or minus 5 percentage points.