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House Fails To Pass Bailout Plan

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by Mark Stein
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Sep 29 2008 2:00pm EDT

House Fails to Pass Bailout Plan

BREAKING: The House shocked Wall Street and voted down the bipartisan financial bailout plan, J. Jennings Moss writes.

Lawmakers kept the vote open way beyond the 15-minute voting time so that backers of the plan could hit up opponents and see if they could turn the tide, but it didn't happen.

A majority of Republicans did as expected and voted against the plan, even though it got the grudging support of Minority Leader John Boehner. But a sizeable number of Democrats, about a third of the caucus, also voted against the plan.

Don't think this will be the last we hear of a bailout plan. With the loss, look for lawmakers to try again to come up with a plant that's acceptable to a majority. Going home without a plan isn't an option, either for the markets or for lawmakers' reelection prospects.

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