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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 recorded.

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 measure.

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