House rejects $700B bailout plan
House rejects $700B bailout plan
P-I STAFF AND NEWS SERVICES
WASHINGTON -- The House 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.
Stocks started plummeting on Wall Street even before 228-205 to reject the bill was announced on the House floor.Voting no were 132 Republicans and 66 Democrats. Voting yes were 141 Democrats and 94 Republicans.
Even as the electronic roll call began, Democratic and Republican leaders were uncertain about having enough votes to pass the politically unpopular plan. It's the most sweeping government intervention in markets since the Great Depression.
Labels: Congress, financial crash, financial crisis, government bailout, vote, Wall Street
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