Latest on the failed bailout plan

WASHINGTON — In a stunning reversal of expectations, the House of Representatives rejected a rescue plan for the financial industry this afternoon.

Despite support from President Bush and congressional leaders, the plan was voted down by more than two-thirds of Republicans and 40 percent of Democrats.

The House of Representatives voted against the 700 billion dollar economic bailout plan- Wall Street was stunned – the Dow initially plummeted nearly 700 points.

It’s a bill no one wanted to embrace- but many in congress viewed as a necessary evil.

Rep. John Boehner said, “So I ask all of you, both sides of the aisle, what’s in the best interest
of our country? Not what’s in the best interest of our party, not what’s in the best interest of our own re-election, what’s in the best interest of our country? Vote yes.”

Lawmakers worked through the weekend on a compromise that would have allowed treasury secretary Henry Paulson authority to purchase assets with taxpayer dollars.

An overwhelming majority of house republicans, 66 percent, voted against the Bush administration backed bill, and the White House said it was very disappointed by the failure.

Despite strong reservations by members of both parties, lawmakers promised to keep working on another compromise.