U.S lawmakers are set to vote on the biggest proposed government intervention in the U.S economy since the Great Depression, after government officials, Treasury chiefs and political leaders have agreed on the details on the US$700 billion rescue package.

However, the new rescue package will include new terms and conditions to protect taxpayers and give them a chance at some potential upside if companies benefited from the plan.

Lawmakers are set to vote on midday in the House of Representatives, with a Senate vote scheduled on Wednesday.