Palestinian President Mahmoud Abbas is planning to resubmit a resolution calling for an end to Israeli occupation of the West Bank and Jerusalem to the UN, after the Security Council rejected the earlier draft.

In the hope that the pro-Palestine members of the 15-member Council will reconsider the proposal, Abbas said officials are currently in discussions with Jordan, which submitted the earlier draft.

"We didn't fail, the UN Security Council failed us. We will go again to the Security Council, why not? Perhaps after a week," he said during an address in the West Bank city of Ramallah.

"We are studying it, and we will study this with our allies and especially Jordan ... to submit the resolution again, a third time or even a fourth time."

Eight of the 15 members voted for the resolution – only one short of the necessary majority. The veto-wielding US voted against the text, as well as Australia, while five nations abstained.

Jordan remains one of the rotating members of the Council. However, several others were replaced over the New Year. The five newly-added non-permanent nations include Malaysia and Venezuela, both of whom are likely to be friendly to the Palestinians.

Even if the resolution is passed by the Security Council, the US, a close Israeli ally, is determined to veto the document. Nevertheless, pushing the US to stonewall the resolution will be seen as a symbolic victory for Palestine.

Amid Palestine's renewed bid, Israel is considering pushing the US Congress to squeeze aid to the cash-strapped Palestinian government.

According to the Israeli daily Haaretz, senior Israeli officials will be contacting the pro-Israeli US Congressmen to stop the aid, worth around $400 million annually, if Palestine intends to take any action via the International Criminal Court following their first attempt to formally join the international body.