Senate leaders said yesterday that they might be willing to clear the Universal Military Training bill for consideration despite its setback in the House on Tuesday.

Ernest W. McFarland (D-Aris.) said that the final decision would rest with other ranking Democrats, and with Carl Vinson (D-Ga.), Chairman of the House Armed Services Committee. Mr. Vinson has thus far said that he has no plans for reconsideration of UMT in his committee at this session.

Richard P. Russel (D-Ga.), Chairman of the Senate Armed Services Committee, said that failure of the present Congress to adopt a UMT program would be almost a "national tragedy." Russel pointed out that a Reservist can be kept on ready status, including two weeks training, for less than $450 annually, while a regular costs $4,000.