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. ken

    trying to blame the democrats madam speaker speach for the loss is just as what you can expect , this country failing becuase of a speach , the republicans played the poeple for suckers , letting the poeple belive they where for it when they looked for anything to put a stop to this bill, to save there own jobs who are at great risk as the public knows it is this adminastration for the last 8 years , the republicans gave this president anything he wanted , only now while trying to save there jobs are they saying that what the public has said for 8 years that this president had lied to this country many time and got us into a war that seems it will never end, yet these republicans still stand up for all his lies till now , they are trying to save there jobs ,but at what cost to the american poeple, the democrats also need to push the 94democrats who voted against this bill , and get them in line , if this country does have a real meltdown now it will fall on those who failed this country, this bill is really not a stock market bail out it is a american bail out. if it takes just one persons words to bring this coutry to its knees, then god be with us and god be with america. ken

    September 29, 2008 02:56 pm at 2:56 pm |
  2. TexicoFrom Mexico

    Why do I smell a McCain in this somewhere?

    September 29, 2008 02:56 pm at 2:56 pm |
  3. Elizabeth

    Congressmen are "leaving town for the Jewish holidays"??? Are you serious???????????
    First of all, just how many of the Congressmen are actually Jewish???
    Secondly, this is just crazy. These people need to stay right there in Washington and get a bill back on the floor tomorrow for a vote. To be saying it'll be Thursday before they can come back & do anything is crazy.
    You tell me who cares about who??????????

    September 29, 2008 02:56 pm at 2:56 pm |
  4. quixt

    Hey Gypsy what about Frank and Dodd? I suspect you think they are the best. Check where they came from.

    September 29, 2008 02:56 pm at 2:56 pm |
  5. God fearing Citizen

    GET YOUR MONEY, SAVINGS OUT OF YOUR BANK AS SOON AS YOU CAN, CAUSE, THIS IS GOING TO BE MUCH MORE WORSE THAN IT IS NOW.....ANOTHER DEPRESSION IS KNOCKING...

    September 29, 2008 02:56 pm at 2:56 pm |
  6. Maggie from Virginia

    What was the reason McCain ran to Capital Hill? Was it not to get the House Repubs on board? McCain is a complete failure in every aspect. Here comes the GOP spin machine...

    September 29, 2008 02:56 pm at 2:56 pm |
  7. Mack

    Well, John McCain. Where is the fix you suspended your campaign to fix. This is why we voted out Republicans after six years of failure. No, I don't feel we should bail out Wall Street but this is so partisan that our economy is doomed. God Help us all. Partianship and Racism will doom this country. It's all political.

    September 29, 2008 02:56 pm at 2:56 pm |
  8. ReadReadWrite in Maryland

    "Don't bail out Wall Street!"

    Wall Street is your 401(k). Wall Street is your IRA. Wall Street is your bank. Wall Street is you, stupid.

    No one likes it, but just because it makes us angry doesn't mean it doesn't have to be done.

    Pandering congressional buffoons.

    September 29, 2008 02:57 pm at 2:57 pm |
  9. RRE

    Obama, Pelosi and Reid are the blame for this. We need to get rid of Congress they don't do _____!!!!!!!

    September 29, 2008 02:57 pm at 2:57 pm |
  10. GARY

    JD NC YOUR A STINKEN MORON AND A HATER. THE DEMS ARE THE FIRST ONES TO PUT US IN DEBT AT THE END OF CLINTONS BID. WHY DONT YOU FIND THE REAL FACTS. THAN THE REP,S GOT INVOLVED. SO BLAME YOUR STINKEN SIDE FOR ONCE INSTEAD OF HATING ON THE REPS. ALL THE TIME. NEITHER ONE OF THE CANIDATES GOT ANY KNOW HOW ABOUT MAKING THE ECONOMY BETTER. OBAMA IS ALL TALK. ATLEAST MCCAIN PUT A HOLD ON THE BAIL OUT BECAUSE HE DIDN'T THINK THE TAX PAYERS SHOULD FIT THE BILL. OBAMA DIDN'T CARE IF THEY DID OR NOT. MCCAIN/PALIN COUNTRY FIRST

    September 29, 2008 02:57 pm at 2:57 pm |
  11. cHRis, Charleston, SC

    We need you now more than ever Obama....save us all

    Oh and Mr. Bush, thanks for nothing.

    September 29, 2008 02:57 pm at 2:57 pm |
  12. Jack

    These past years of GOP rule have been a winner take all grab for earmarks, tax breaks for the rich, deregulation for Wall Street and now when the whole economy is about to collapse from their greed, they wash their hands of any responsibility!

    VOTE DEMOCRAT IN NOVEMBER and get rid of the greedy corrupt republicans.

    September 29, 2008 02:57 pm at 2:57 pm |
  13. tulsa

    If Warren Buffet says we need it, we do.\
    If the republican House members are too dense to realize that, then we are all in a great deal of troubble.

    September 29, 2008 02:57 pm at 2:57 pm |
  14. Jamie, Hattiesburg,MS

    Thanks a lot republicans,yes those of you who made the great exudous from the inner cities to the gated suburbs in your $2,$3$4oo,000 houses that you couldn't really afford and made this mess for everybody.For using your lines of credit on those houses to rack up enormous debt to live the over empahsized american dream, now what? Because of you I and people like me who dream of having a modest home, just a place to call ours will never be.You say that blacks destroyed the inner cities from our exudous from the outskirts of town to the city,now look at what you caused by leaving the inner cities to the outskirts,the SUBURBS.What goes around comes around,Thanks a Lot.

    September 29, 2008 02:57 pm at 2:57 pm |
  15. CB in LA

    Yes I would vote no as well if 20% were being given to ACORN! Why is this group even considered? This is so scary? Before we elect Mr. Obama we better see what ACORN really stands for, other than uprisings. Every politician in Washington knew the potential of what could happen here. Many books were written over last 20 years warning of this. So the democrats can quit blaming the Republicans and vice versa. The scary part bailout or not. Oil first, then groceries, then banks and Insurance. The change Mr. Obama wants is what might finally do America in with us on the ropes. Before you vote not knowing you should consider. What if? and a big what if?My hat is off to the house republicans. Because you have to stand for something or you'll fall for anything the song says.

    September 29, 2008 02:57 pm at 2:57 pm |
  16. ME

    Nancy Pelosi should be in JAIL...idiot.

    September 29, 2008 02:57 pm at 2:57 pm |
  17. A CANUCK

    Already....McCain is blaming this on Obama !!!!......is this cranky ,old man COMPLETELY out of his mind........he should not be allowed anywhere near the White House !!!!!!

    September 29, 2008 02:57 pm at 2:57 pm |
  18. Darryl

    that's good. they need to let the market correct it self

    September 29, 2008 02:57 pm at 2:57 pm |
  19. Karen, Arkansas

    when King George came into office...my 401k took a terrible hit. Now that King George is leaving office...well I should have expected as much from him and his administration.

    I miss Bill.

    September 29, 2008 02:57 pm at 2:57 pm |
  20. Neil

    Why is it that we the voters can't be given a few details on why this bail out is needed and is this the only way to do the job. How much money was made when the mortgage scam was working? What is the total of mortgage failure? I believe that some fat cats just can't wait for the goverment to put up so much money they already know how to gobble it up.

    September 29, 2008 02:57 pm at 2:57 pm |
  21. J. Benge

    FIRE all of them!!!! I feel like I am watching a scene from a daycare playground!!

    September 29, 2008 02:58 pm at 2:58 pm |
  22. geraldine

    And speaking of blaming Republicans (as about 90% of the angry folks on here are doing), don't the Dems have the majority? If they had any true conviction that this was the right solution they would pile-drive it through.

    September 29, 2008 02:58 pm at 2:58 pm |
  23. quixt

    Pat Huntigton your a good neighbor – self server.

    September 29, 2008 02:58 pm at 2:58 pm |
  24. Evan

    RE: No Hillary = No Obama: Fo rsomeone who states that no Hillary means no Obama you don't sound like a Dem to me. Asking Pelosi to tender resignation.

    Also for those Republicans saying that its the dems fault? Hello you guy were in charge of congress for 6 years! Not much the Dems could do.

    September 29, 2008 02:58 pm at 2:58 pm |
  25. Smarter than the GOP

    republicans that think that they are voting against it because they do not agree are full of it... they are doing this to WIN in november.

    WAKE UP!!!!!!! Dems voted for it cause the GOP told them they were voting too, then they turned around and voted no to make them look bad. THIS IS ABOUT OUR MONEY NOT THEIR STUPID SEATS IN THE HOUSE!

    September 29, 2008 02:58 pm at 2:58 pm |
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