House Rejects Bailout Plan
The House of Representatives rejected the government’s proposed $700 billion bailout Monday, resulting in the biggest closing point drop of the Dow Jones industrial average in history, according to an NPR report.
About one-third of Democrats and two-thirds of Republicans voted against the bill with the final vote of 205-228 against the proposal.
Many lawmakers found it hard to come to the rescue “of an out-of-control market that had played fast and loose with housing loans,� reported FOX News. Others cited reasons for opposition such as the expansion of national debt or voters’ lack of support, FOX News said.
The lack of voter support stems from the perception that the bill serves to bail out Wall Street bankers who are seen as “incompetent fat cats who have created this crisis themselves and who are now being allowed to pick the pockets of American voters to fix it,� one BBC article said.
"Like the Iraq war and Patriot Act, this bill is fueled by fear and haste," Lloyd Doggett, D-Texas said in a CNN report.
The House of Representatives continues to work together to come up with a plan, ABC News reported.
“I’m confident in that in the long run, America will overcome these challenges and remain the most dynamic and productive economy in the world,� President Bush said in a speech covered by FOX News.