Congressional Republicans on Tuesday voiced their strongest objections to date about the Bush administration’s $700bn financial rescue plans, dealing a blow to White House ambitions for them to be quickly approved.

As Hank Paulson, Treasury secretary, and Ben Bernanke, chairman of the Federal Reserve, predicted grim consequences if the plan were rejected, the Republicans’ Senate leadership called for new provisions on executive pay, which the administration opposes, while others cast doubt on the whole package.