House defeats $700B financial markets bailout

WASHINGTON (AP) - The House has defeated a 700 billion-dollar emergency rescue package for the financial markets.

Lawmakers irnogred urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

Stocks started plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

Members of the House had been facing a lobbying effort from the White House and from their own leadership today, in advance of the vote.

The bailout plan was an unpopular one, but it was one that House leaders said was necessary.

Republican Paul Ryan of Wisconsin warned that “the worst is yet to come” without the bailout package, and added, “If we fail to do the right thing, Heaven help us.“