House ignores Bush, rejects $700B bailout bill

By JULIE HIRSCHFELD DAVIS
Associated Press Writer
posted 9/29/08

WASHINGTON - In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

Stocks plummeted on Wall Street, beginning their plunge even before the 228-205 vote to reject the bill was officially announced on the House floor. The Dow Jones industrials sank nearly 700 points for the day.

Democratic and Republican leaders alike said they were committed to trying again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. the rest image