US House leaders have been engaged in a frenzied round of meetings and vote-counting to secure sufficient backing for the $700bn US financial bail-out in a vote due later on Friday as the world waited with baited breath for the package to be approved.

Following a wide-margin 74-25 vote in the Senate on Wednesday night to approve a revised version of the legislation, the prospects for passage in the House were improving. “I am hopeful that there will be bipartisan, majority support for this bill that is critical to stabilising our nation’s economy for all working Americans,” said Steny Hoyer, House majority leader, announcing late Thursday that the bailout would be considered by lawmakers Friday morning.