Bailout Package Fails As Dow Plunges

HOUSE FAILS TO PASS BAILOUT: 228 NAY, 205 YEA... DOW PLUNGES DURING, AFTER VOTE... DOWN MORE THAN 735 AT ONE POINT..

In an extraordinary gamble on the future of the global economy, the House of Representatives voted down the $700 billion Wall Street bill 205-228, as Republicans defied their president, their presidential nominee and their leaders to vote nearly two to one against the measure described as crucial to the prevention of an economic collapse.
As the vote progressed, the Dow steadily dropped, reaching a 700-point decline at one point. Frantic television coverage of the vote was paired with a split-screen showing stocks plunging by hundreds of points within just a few minutes. Members, who are all equipped with Blackberrys, were fully aware of the market trends driven by their balloting.

Almost every member of the House was present during the roll call. Democratic leaders huddled with members, desperately trying to persuade defectors to change their votes. Republican leaders, in contrast, appeared resigned to the overwhelming opposition in their caucus. After the vote, House Republican Leader John Boehner of Ohio told reporters he was "disappointed" with the outcome.
While the economic consequences of the vote will be determined during the coming weeks, the outcome this afternoon was a major setback to John McCain, who had backed the proposal and portrayed himself as a party leader who would help win approval for the bailout.
Chief McCain strategist Steve Schmidt said yesterday on Meet the Press, "What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this." And this morning, McCain backer Mitt Romney told NBC that "this bill would not have been agreed to had it not been for John McCain....this is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain."
Instead, members of McCain's own party voted 133 to 65 against the measure. In contrast, Democrats voted 140 to 95 for the bill.
There very likely will be an attempt to try to pass the bill again, although it is not clear how soon that would take place. Republican Congressman Joe Barton of Texas asked if he could move for reconsideration and if he did, how soon would it be taken up. He was told by House parliamentarians that it would be taken up immediately -- too soon for supporters to regroup -- so he put off his motion. LinkHere

GOP Senator Gregg Sunday: "If We Don't Pass It, We Shouldn't Be A Congress"... GOP Blames Pelosi For "A Partisan Speech"... Dem Congressman Frank: "Well If That Stopped People From Voting, Then Shame On Them"... White House: President Bush Is "Very Disappointed"... Andrew Sullivan: "The GOP Killed It"... New Republic: 'Very, Very Bad News For McCain... He Failed To Convert GOP'... Marc Ambinder: "If McCain Wanted Credit For Passage, Should He Share Some Of The Blame For Its Defeat?"

Stocks Tumble As House Defeats Bailout Plan