Washington  - US President George W Bush on Monday vowed to move forward on a strategy to resolve the nation's financial crisis after the House of Representatives delivered a stinging defeat to his 700-billion-dollar bail-out package.

"We put forth a plan that was big because we've got a big problem," Bush said, adding he planned to tackle the crisis "head on."

"We'll be working to develop a strategy that will enable us to move forward," he said.

Bush said he was planning to meet with his economic team later on Monday and would continue working with congressional leaders. Bush and Vice President Dick Cheney spent Monday morning personally lobbying members of the House to back the proposal, but they failed to win the support of their rank-and-file Republicans.

The House voted 228 to 205 against the package to rescue the crumbling financial market. The defeat came after most Republicans broke with Bush and voted against the deal. (dpa)