September 29th, 2008
02:11 PM ET
6 years ago

House kills $700 billion bailout plan

The House of Representatives rejected the bailout plan Monday. Watch live coverage on CNN.com/live.
The House of Representatives rejected the bailout plan Monday. Watch live coverage on CNN.com/live.

WASHINGTON (CNN) - The House of Representatives Monday rejected a $700 billion plan to bail out the financial system, putting a roadblock in front of the largest government intervention in the market since the Great Depression.

Watch: GOP blames Pelosi

Republicans and Democrats blamed each other for the failure of the bill, which President Bush had urged Congress to approve.

Watch: GOP 'punished the country'

It was intended to reassure financial markets by giving the government the power to buy "illiquid assets" such as bad mortgages.

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Filed under: Congress
soundoff (405 Responses)
  1. Anthony, Dallas, Tx

    I just closed on my house last week and I am so HAPPY!!!!!!! Now with that said and done, I am so sad for all the hard workers who need loans to make it through.

    September 29, 2008 02:43 pm at 2:43 pm |
  2. Tainopower

    Democrats playing politics whit the economy . Hope people of this country see what democrats are doing to this country . If democrats win this elections we will loss the economy and the country.

    September 29, 2008 02:43 pm at 2:43 pm |
  3. Brent

    I'm confused. If the bailout plan has been killed, why hasn't John McCain "suspended" his campain again and flown back to Washington until the matter is resolved? What happened to "Country First"???

    September 29, 2008 02:43 pm at 2:43 pm |
  4. quixt

    This may not be all bad. We needed a market correction. We will recover, we are americans and if anything else we are resilient. I have lost money in this collapse and I don't want a bandaid. I want a long term solution. So much for a quick fix. The President and Congress are to blame. I the Democrats thought regulation was such a problem they sure dropped the issue like a lead weight. Hmm, why maybe we should ask all the poltiicians who headed many of these problem companies in the past. Life is still good.. Ny momma always said walls are mean't to be climber and we will climb this one too.

    September 29, 2008 02:43 pm at 2:43 pm |
  5. Susan Gregory

    Will someone please try to find some mature men and women to represent us in our government. As I listen to the bickering between the Rs and Ds I am sickened.

    You so called leaders are scary!

    Susan
    Ellensburg, WA

    September 29, 2008 02:43 pm at 2:43 pm |
  6. roger

    No one liked the $700B rescue/bailout but sometimes in life you have got to do what is good for the country & suck it up....I have to give the dems credit they tried...keeping in mind it was a GOP request to head off a financial disaster & the dems at least tried to work out a deal....I still believe that this is another example of how the extremest of the GOP party (includes the religious right) thinks, they don't care for anything other than what is good for them & what they believe.

    September 29, 2008 02:43 pm at 2:43 pm |
  7. Frank,MO

    IT IS TIME FOR THE BUSH ADMINISTRATION TO RESIGN !

    September 29, 2008 02:43 pm at 2:43 pm |
  8. JP

    Nancy Pelosi's chickens are coming home to roost. For two years she has shut out the house republicans, not allowed their proposals to come to the floor or even get debated. Now all of a sudden she needs them and they are nowhere to be found. Surprise Ms. Speaker. It seems like you need to get your own "house" in order.

    September 29, 2008 02:43 pm at 2:43 pm |
  9. Lewis

    Chrissy, you just elevated stupid to a new level.

    September 29, 2008 02:43 pm at 2:43 pm |
  10. Susanna

    It is amazing to me that the Republicans would poison the economic bail out package. Using Nancy Peloi's speech as the reason to defeat this bill in the House is the most childish reasoning I've ever heard. People will be losing their life's savings, their retirements, businesses will fail...all because the ego of the Republican congressman is too great. Shame on all of them...I hope they all lose their jobs!

    September 29, 2008 02:43 pm at 2:43 pm |
  11. scoot

    Nice move Polousy ( I know I ment to spell it like that) She blew it . the dems dont know how to work over the tables

    September 29, 2008 02:43 pm at 2:43 pm |
  12. pat huntington

    this is clearly 100% the Republican Party's fault...because of their deregulation of everything in the financial sector, banks and lending institutions entered into risky subprime mortgages and used those same risky mortgages to back so called mortgage backed securities, so that all we needed was one part of this house of cards to fall, and the rest of the economy goes with it!

    This is all the Republican's fault! How dare they!

    September 29, 2008 02:44 pm at 2:44 pm |
  13. David, Silver Spring, MD

    Utterly bizarre to see conservative Republicans refusing to vote for the bill that their conservative Republican administration advanced and that the very policies they champion caused.

    Almost as bizarre as seeing those same Republicans touting concern for the "taxpayer" as the reason they're not supporting the bill.

    Meanwhile, my retirement investments are going in the toilet.

    September 29, 2008 02:44 pm at 2:44 pm |
  14. Libs be dopes

    Barney Frank and Chris Dodd did not want oversight 3-4 years ago, said it was not needed.

    Now they want oversight?

    They screwed it up, now they want to fix it?

    We should pay for this?

    don't think so.......

    September 29, 2008 02:44 pm at 2:44 pm |
  15. TKW- New Mexico

    This is stupid! Wake up America! We're on a sinking ship (the Republican ship) better head for the life raft (Obama/Biden 08/12)!

    September 29, 2008 02:44 pm at 2:44 pm |
  16. Trysh, Los Angeles

    Why do Republicans always make a mess for the people and then refuse to clean it up?

    September 29, 2008 02:44 pm at 2:44 pm |
  17. RonRebby

    The republican reasons for the failure....."acts of socialism and infridgement on freedom" Good luck morons, this will destroy everyone not just your political beliefs.

    Mnay people on here dont understand the dynamics of how money flows and how this will affect them. Its not about bailing out CEO's and courrupt coompany's, its about getting YOU – the people – to not be at mercy by these results. The government is trying to take that financial pain from the people!!!!!

    And,...where the hell was McCain? Oh ya....trying to make it happen. What a sad party they are

    September 29, 2008 02:44 pm at 2:44 pm |
  18. Ronald

    "The financial and the economical situation of the country and the frightening future in the view of the enormous amount of debts and interest owed by the government; this is at the time when the wealth of the Ummah being wasted to satisfy personal desires of certain individuals!! while imposing more custom duties and taxes on the nation." Bin Laden 1996 Declaration of War - McCain who's winning? We need Obama ASAP !!!!

    September 29, 2008 02:44 pm at 2:44 pm |
  19. Marcelia Keene

    I am furious! Our congress is just as incapable and incompetent as the CEO's of these major corporations that have gotten us into this mess. Then, being on the brink of catastrophy, we ask our congressional leaders to compromise and come up with a plan to save our collapsing economy - and they fail. Then just like the CEO's they continue to be paid by their constituency. So, they're laying back and collecting on their golden parachutes while we have to pay for both of these failures. WHEN DOES IT STOP???!!! They should give up their phones and holidays, and lunches and dinners until they are able to get in a room and come up with a compromised plan that serves both the economy and the people on Main Street. That's what they getting paid to do.

    September 29, 2008 02:44 pm at 2:44 pm |
  20. Ken Pittsburgh

    I am not in favor of the bail out plan but we better deo something or the roof is going to cave in soon Bush use up all of his good will

    September 29, 2008 02:44 pm at 2:44 pm |
  21. LET IT FAIL!

    Bring everyone down to the same status level Only then, can we become Human again.

    September 29, 2008 02:44 pm at 2:44 pm |
  22. Fredericka Summers

    It is refreshing to see that a majority (50+percent) of our represenatives actually are listening to the people which they represent! NO BAILOUT! If our country has access to that kind of money it should be used to bail out the adverage taxpayer who because the the economy is head over heels in debt and wondering how they can afford to live up to their responsibilities. If the adverage taxpayer pays off his debts, that would be agreat way to put money back into the economy. There are other options to bailing out Wall Street.

    September 29, 2008 02:44 pm at 2:44 pm |
  23. Alexis

    bush will go down in my book as one of the worst presidents in history!! and I am sure mcCain will be the same way! how did it get this far, and can we recover?

    September 29, 2008 02:44 pm at 2:44 pm |
  24. Judy in Minnesota

    I hope the idiots that voted no are the ones that lose their jobs, their health insurance, their retirements, and their homes. Unfortunately, we will be the ones that will bear the cost for their vote today.

    September 29, 2008 02:45 pm at 2:45 pm |
  25. Random Dude

    Vote out the house democrats who approved the bailout

    September 29, 2008 02:45 pm at 2:45 pm |
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