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
Jeff and Guy 2, good points. I think it’s safe to say that no one wants to offer their hard-earned taxpayer dollars to clean up someone else’s mess and yet here we are. What we’re left with are degrees of bad in terms of the effects of the proposed solutions. Instead of playing the blame game, (not to take away from everyone’s rightful anger) I think Americans and members of government who oppose the proposal should take a minute and look out their windows and note the blazing inferno on their front lawns. I do believe time is of the essence and my fears lay in the repercussions of no action.