House defeats $700B financial markets bailout

By By JULIE HIRSCHFELD DAVIS, Associated Press Writer

Story Created: Sep 29, 2008 at 1:22 PM EST

Story Updated: Sep 29, 2008 at 1:22 PM EST

WASHINGTON (AP) - The House on Monday defeated a $700 billion emergency rescue package, ignoring 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 228-205 to
reject the bill was announced on the House floor.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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