In a week of economic and political turmoil, the House of Representatives just voted today to reject the $700 billion rescue of the financial industry. The vote came in defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse.
The vote was 228-205, with 133 of the president's OWN PARTY turning against him to join 95 Democrats in opposition of the bill.
Supporters of the bill are saying they will try to bring the rescue package up again as soon as Wednesday.
In anticipation of a defeated vote today, stock markets plunged and only further plunged once the news came in. The Dow closed 777 points down, in the worst single-day drop in two decades and oil prices fell on fears of a global recession.
After the chaos, the president said the following:
"We put forth a plan that was big because we got a big problem. And we'll be working with members of Congress, leaders of Congress on the way forward. Our strategy is to continue to address this economic situation head on."
It definitely says something when members of your own party don't back you!
[Source: nytimes.com]
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