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. jeff

    congratulations, republicans. way to not come together to solve a problem.

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

    I am on the fence about the bailout, but this is the fault of the republicans who deregulated the markets. If we had oversight, predatory lending would not have occured and the economy would not be in shambles to the point where we need a bailout. The republicans say that wall street should pay the consequences for their actions. I agree that republicans should be held accountable because they allowed the deregulations of the markets that gave the opportunity for wall street to run wild. The republicans should share the consequences with wall street by voting them out come November.

    September 29, 2008 02:22 pm at 2:22 pm |
  3. Lee

    Going along for the ride

    September 29, 2008 02:22 pm at 2:22 pm |
  4. Ed, Santa Fe NM

    and yet another failure for Bush

    September 29, 2008 02:23 pm at 2:23 pm |
  5. ben

    I am glad they kill this bill! Let see if today will be the end of the world.

    September 29, 2008 02:23 pm at 2:23 pm |
  6. will

    That is the best thing for the American people. It is too much money floating around in America. Just listen to CNN, there is a lot people calling and sending messages asking what to do with all of that old money they been holding on to. There is nothing wrong with this economy because there are too many people with money in America. All the way from the olden days, if they apply their money to the economy then everything well be O.K!

    September 29, 2008 02:23 pm at 2:23 pm |
  7. Ivan M.

    So, what was the point of McCain coming to Capitol Hill? Looks like a colossal failure on McCain's part to keep his House allies in line. With the House R's still in revolt, and McCain claiming this weekend he was in DC to make sure their voice was heard at the White House meeting and on the Senate side, this looks like a huge failure of leadership. McCain should be roasted for this – what a joke his supposed 'campaign suspension' was.

    September 29, 2008 02:23 pm at 2:23 pm |
  8. voter1

    Did anyone else notice the very dark storm clouds above the Capital building during the vote? It is indeed a very dark day for The United States of America.

    September 29, 2008 02:24 pm at 2:24 pm |
  9. gate

    Thank that gods! Let them fail. The fools that created this mess believe in the free market then scream for socialism when the market doesn't play out in their favor. Too bad!

    September 29, 2008 02:24 pm at 2:24 pm |
  10. TESAP;SAVANNAH, GA

    ????? Okay, what happens if the bill fails........... all of us will feel it right...... how can Republicans blame Dems when we all know that Repubs were against it..................

    THIS IS TRULY SAD.......... I MEAN NO ONE LIKED THE FACT THAT WE (AMERICANS) HAD TO BAIL OUT THE FINANCIAL MAKRETS BUT MOST OF US UNDERSTOOD WHY IT HAD TO HAPPEN.........

    September 29, 2008 02:24 pm at 2:24 pm |
  11. Farrell, Houston, Tx

    JOHN MCCAIN SAID TODAY HE IS RESPONSIBLE FOR GETTING THIS THING WORKED OUT, THAT'S WHY HE DIDN'T PHONE IN BUT WENT TO WASHINGTON. FACT. JOHN MCCAIN USED THIS BAILOUT FOR POLITICAL PURPOSES AND IT HAS FAILED. LOL.

    September 29, 2008 02:24 pm at 2:24 pm |
  12. Terry, Butte, Mt

    House republicans are putting politics first. Nobody likes this but things will get worse if nothing is done.

    The house republicans are still holding out to double down on failed Bush policies. They want to deregulate even more, they want to lower capital gains tax even more, they want more tax breaks for these failed companies.

    America throw these bums out. Trickle down economics is dead.

    September 29, 2008 02:24 pm at 2:24 pm |
  13. Jen

    What a bunch of ideological idiots!!! Republicans would cut off their nose to spite their faces. They will be the absolute death of this country.

    My husband and I pulled everything we had in the market upon hearing the news. This is BAD folks. I don't want a bailout either, but the alternative is MUCH worse.

    September 29, 2008 02:24 pm at 2:24 pm |
  14. bij

    so now what?!

    September 29, 2008 02:24 pm at 2:24 pm |
  15. Becky

    McCain to the rescue! not. Wait where did he go? **crickets** (He wasn't even going to vote for the bill if his schedule didn't allow it.)

    No Drama Queens Allowed in the White House. I think there is truth to people being an adult once and a child twice...

    September 29, 2008 02:24 pm at 2:24 pm |
  16. maynard hopkins wi

    ITS ABOUT TIME THAT THEY DON,T LET THE CROOKS OFF. HOLD STRONG AND MAKE THESE PEOPLE ACCOUNTABLE FOR THEIR MISTAKES.. INSTEAD OF BAILING OUT THE CROOKS TAKE AWAY THE GOLDEN PARACHUTE MONEY AND GIVE IT TO THE AMERICAN TAXPAYERS I NEED THE MONEY THE C. E. O. S. DON'T NEED IT.

    September 29, 2008 02:25 pm at 2:25 pm |
  17. Anita from Arizona

    We're talking about lost jobs by the millions, no credit for anyone, no loans for anyone, bank failures daily, and people close to retirement can't because their nest eggs are gone.

    September 29, 2008 02:25 pm at 2:25 pm |
  18. Ron from Baltimore

    Wow, what a surprise. Guess maybe the experts and dems were right this time?

    September 29, 2008 02:25 pm at 2:25 pm |
  19. ANGIE

    What a mess thanks bush! GREAT JOB YOU HAVE DONE AS PRESIDENT!

    September 29, 2008 02:25 pm at 2:25 pm |
  20. J

    Good!! This bill lacks any teeth on executive salaries. They should write up a bill that has some real accountability. Anything that Bush approves of can't be good for the people of this country.

    September 29, 2008 02:25 pm at 2:25 pm |
  21. Anonymous

    what is wrong with you people – this will affect you too, eventually.

    September 29, 2008 02:25 pm at 2:25 pm |
  22. FactCheck

    And John McCain will release an ad blaming Barack Obama for this failure.

    September 29, 2008 02:25 pm at 2:25 pm |
  23. sue

    Things are mess all around. And I understand the reasoning behind the bailout – trying to stop more hard core bleeding in our economy. But putting ourselves more in debt is not that answer.

    September 29, 2008 02:25 pm at 2:25 pm |
  24. Angel09

    Cutting off our noses to spite our faces. Brilliant.

    September 29, 2008 02:26 pm at 2:26 pm |
  25. Susie

    So, What does this mean for my 401k?

    Is the stock market going to recover some day?

    September 29, 2008 02:26 pm at 2:26 pm |
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