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After a series of impassioned speeches on the House floor, the Bush Administration's $700 billion bailout bill was rejected by the House early Monday afternoon.
The controversial measure needs 218 votes for passage, but it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats voted for the measure, but less than a third of Republicans backed it.
The vote comes after lawmakers and the Bush administration finalized legislation following a weekend of high-stakes negotiations , which is designed to get battered U.S. credit markets working normally again
"Today is the decision day," said Barney Frank, D-Mass., on the House floor. "If we defeat this bill today, it will be a very bad day for the financial sector of the American economy and the people who will feel the pain are not the top bankers and top corporate executives but average Americans."
On Wall Street, stocks plummeted as investors followed the developments in Congress.
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