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Bailout Bill Fails; Markets Reel

By the Associated Press

Posted Sep 29, 2008 1:24 PM CDT

(AP) – The House this afternoon defeated the $700 billion emergency financial bailout package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly rescue the staggering financial industry. Stocks started plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just 5 weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle. Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents.

Senate Majority Leader, Sen. Harry Reid right, looks on as Speaker of the House, Rep. Nancy Pelosi talks with reporters during a news conference on the financial crisis Sunday, Sept. 28, 2008. (AP Photo/Evan Vucci)

This video image provided by the House of Representative shows the voting by the House on the emergency financial rescue package. The House defeated the $700 billion package. (AP Photo/House of Representatives)

President Bush makes statement on the financial rescue legislation, Monday, Sept. 29, 2008, on the South Lawn of the White House in Washington. (Ron Edmonds)

House Financial Services Chairman Barney Frank, D-Mass, enters a meeting in the office of House Majority Leader Steny Hoyer, D-Md., and moderate House Democrats regarding legislation on the financial... (Lauren Victoria Burke)

President Bush walks back to the Oval Office of the White House in Washington, Monday, Sept. 29, 2008, after making a statement on the financial rescue legislation. (Ron Edmonds)

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