US senators were in talks on Tuesday to move ahead with a vote on the administration’s $700bn financial bail-out as early as Wednesday evening, as congressional leaders sought to pick up the pieces after the House of Representatives dramatically rejected the plan on Monday.

Even though Congress was closed for business for the Rosh Hashanah Jewish holiday, Harry Reid, Senate majority leader, and Mitch McConnell, the minority leader, jointly appeared to pledge action before the end of the week.