house defeat of bailout bill stuns wall street - digital screen

WASHINGTON (AP)
In an astonishing vote that shocked capital and global markets, the House today defeated the $700 billion emergency rescue of the country's financial system, ignoring the urgent warnings of President Bush and leaders of Congress of both parties, without it, the economy could be in a hurry.
The Dow Jones industrial average plunged 777 points, the biggest drop in a single day.
While Democrats say Republican lawmakers need more votes, both Democrats and Republican leaders promise to try again.
Bush and his economic advisers discussed the next plan.
The House will reconvene on Thursday, rather than adjourning for a year as planned.
The stock crash started even before 228.
The House formally announced a 205-vote veto of the bill.
The day fell more than 721-
On the day after Sept, click on a record.
The 2001 terrorist attack, though in percentage terms, is well below the decline on Black Monday, October 1987, and at the beginning of the Depression.
Democratic Representative, in the House chamber, when a digital screen records a string of "no" votes against the bailout.
Joe Crawley in New York shouted the News of the stock market's decline.
"600 points!
He shouted and poked his thumb down.
Bush and many of Congress's leading figures begged lawmakers to pass the legislation, despite protests from their voters at home.
Just five weeks before the election, not enough members were willing to take political risks.
Both Democrats and Republicans voted against each other. More than two-
Republicans and Democrats opposed the bill, with 40% and 30 people, respectively.
The top question for congressional leaders is what to do next.
Congress has been trying to adjourn so that its members can run out.
"We are ready to continue our efforts," the representative said . ".
D-Barney FrankMass.
Chairman of the House Financial Services Committee.
"The legislation may have failed;
"The crisis is still there," House Speaker Nancy Pelosi said . "Calif.
At the press conference after the defeat
"What happened today is unbearable," Pelosi said . ".
"We have to move on, and I hope the market will accept this message.
"I am disappointed with this vote," Bush said at the White House. . . .
We came up with a big plan because we had a big problem.
He promised to continue urging Congress to adopt a measure.
Republicans have accused Pelosi of making harsh remarks towards the end of the debate. -
Attacking Bush's economic policy and the "right wing"
Ideology of anything, no regulation, no discipline, no regulation of financial markets-
The vote failed.
"If it weren't for the speaker's party speech in the house, we could get there today," said Minority Party leader John Boehner . ".
Pelosi, an Ohio Republican, said, "poisoned our meeting and led some of the members we thought we could get to go south. "Rep. Roy Blunt, R-Mo.
The whip estimates that Pelosi's speech has changed the minds of a dozen Republicans who might otherwise support the plan.
Frank said it was a clear charge from Republicans against Republicans: "Because someone hurt their feelings, they decided to punish the country.
Presidential candidates keep in close contact-from afar.
In Colorado, Democrat Barack Obama said: "Democrats, Republicans, come forward and finish it.
A spokesman said: "Republican John McCain spoke with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke before leaving Ohio to run for Iowa.
Today's action follows an unusually aggressive lobbying by the White House, and frato said Bush did not call members of Congress until shortly before the vote.
Bush and his economic advisers, as well as congressional leaders of both parties, believe the plan is crucial to keeping ordinary Americans safe from Wall Street's bad bets.
The version of today's vote is the product of marathon closure --
Talks on Capitol Hill over the weekend.
"We are all worried about losing our jobs," the representative said. Paul Ryan, R-Wis.
A impassioned speech in support of the bill was delivered before the vote.
"Most of us say, 'I want this to pass, but I want you to vote for it ---not me.
"They have issued terrible warnings about the coming economic disaster and demanded unprecedented funding and power to bail out cash --
Bush and his economic leaders have focused the attention of the world market on Congress.
"We are at this moment and God will help us if we can't do the right thing," he said . ".
Government-driven legislation will allow the government to buy bad mortgages and other bad assets held by troubled banks and financial institutions.
Stripping these debts off the books should increase the balance sheets of these companies, make them more inclined to lend, and ease one of the biggest bottlenecks in the credit crisis.
If the plan is successful, the idea will be successful, which will help ease the main burden on the national economy that is already declining.
Frank said Republicans refused to vote for the bailout, not only to the Democrats, but also to their president.