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CREDIT CRISIS: Bailout Proposal Rejected
President Bush’s plea this morning to urge Congress to pass the $700 billion bailout was not enough to win over the approval from the House of Representatives this afternoon. The House rejected the bailout plan by a vote of 228 to 205. As of 2:35 p.m. ET the Dow Jones Industrial Average had plummeted more than 530 points.
Many Republicans in the House felt the plan was too costly and too risky. Secretary Paulson, Chairman Bernanke and Congress may have to go back to the drawing boards.
Stay tuned for more updates
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