The military rebellion that turned parts of Buenos Aires into a battleground two days before President Bush is to arrive was Argentina's fourth since 1987 and may have been the least effective.

Challenged immediately by the air and armored power of loyalist troops, Monday's was the shortest and bloodiest of the four revolts. At least 13 people were killed and about 60 wounded.In Brazil, Bush said he would go ahead with the scheduled state visit.

While earlier barracks rebellions forced shake-ups in the high command and bigger service budgets, this time "surrender was unconditional," President Carlos Menem said Monday night about 18 hours after the insurrection began.

Menem said that not only will his military policy remain unchanged, but rebel leaders may face the death penalty. "The military code of justice contemplates that possibility. The full measure of law will be applied."

Unlike the upheavals in April 1987 and January and December 1988, loyalist troops showed little reluctance in firing on fellow soldiers.

The loyal troops used aerial bombing, tanks, mortars and high-caliber machine guns against rebel-held installations. Just before nightfall, heavily armed troops surrounded army headquarters, the last rebel stronghold.

About 120 rebels gave up after air force jets buzzed the headquarters building in downtown Buenos Aires, two blocks from Government House, where Menem works and from which he directed the counterattack.

Hours earlier, rebels at Palermo infantry base five miles away surrendered, as did reb-els at a tank factory in Boulogne, 16 miles to the northwest.

In all, about 450 mutinous soldiers and civilian rebels surrendered, army officials said. Others who fled from Boulogne and from wrecked tank columns were being sought. Among the arrested was rebel leader Col. Enrique Baraldini.

The insurgents' final hope had been two columns of tanks that were knocked out of commission by air force bombing.

"The triumph of the armed forces was absolute," Menem told a televised news conference.

The rebels insisted their intention was not to overthrow the government but to press demands for changes in the top military staff.

But unlike the three insurrections that undermined the presidency of Raul Alfonsin, Menem refused to negotiate.