House Rejects $700 Billion Rescue Plan
The U.S. House of Representatives on Monday defeated a $700
billion emergency rescue package, ignoring urgent pleas from
President Bush and bipartisan congressional leaders to quickly
bail out the staggering financial industry.
The measure failed on a vote of 205 to 228. Voting against the
measure were 95 Democrats and 133 Republicans. Stocks started
plummeting on Wall Street even before the final vote was
The Bush Administration and Congressional leaders urged passage
saying the credit markets have seized up and the package was
needed to keep the economy moving. Opponents for days, however,
have questioned whether the rescue plan would even work, and
were keenly aware that many in the public were against the
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