The US House of Representatives tonight voted against the $700 billion financial rescue plan, sending shock waves through the world's financial markets.
There was a clear majority for the defeat: 226 lawmakers voted against the bill and 207 were in favour. Wall Street shares plunged sharply as the news came through, tumbling 5 per cent. President George Bush has said the bill is necessary if the US is to avoid "financial panic" and a "long and painful recession". Republicans led the House revolt against the bill. Their leaders later announced they were to meet to discuss the next steps. [...] Members of the House shouted news of the plummeting Dow Jones average as others crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure. They found only two and the bill was rejected 228-205. Democratic and Republican negotiators continued private talks in a bid to bring a similar bill for another vote before the House breaks. ~~Independent [UK]: http://tinyurl.com/4anflw
