House rejects $700B bailout

The House voted to reject the Bush administration’s
$700 billion bailout of the financial industry today. The vote against
the measure was 228 to 205, and supporters vowed to bring the rescue
package up for consideration again as soon as possible. House leaders
pushing for the package kept the voting period open for about 40
minutes past the allotted time, trying to convince critics to vote in
favor of the plan by pointing to damage being done to the markets. The Dow Jones industrial fell about 400 points mid-day as it appeared the bailout wouldn’t be approved.