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