Literal translation from Latin:

Almighty and everlasting God, who in the abundance of Your goodness
surpass both the merits and the prayerful vows of suppliants,
pour forth Your mercy upon us,
so that You set aside those things which our conscience fears,
and apply what our prayer dares not.

ICEL Version I:

Father,
your love for us
surpasses all our hopes and desires.
Forgive our failings,
keep us in your peace
and lead us in the way of salvation.

The Anglicans had a much better grasp of liturgical English. 1662 Book of Common Prayer:

ALMIGHTY and everlasting God, who art always more ready to hear than we are to pray, and art wont to give more than either we desire, or deserve; Pour down upon us the abundance of thy mercy; forgiving us those things whereof our conscience is afraid, and giving us those good things which we are not worthy to ask, but through the merits and mediation of Jesus Christ, thy Son, our Lord. Amen.