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. FreeNLovIt

    Our politicians should just SHUT up and do what is necessary to get the economy going.. prioritize...prioritize...

    Anyone who believes the Republicans can fix the mess they created; also believes the iceberg could've saved the Titanic." — Hillary Clinton

    September 29, 2008 02:34 pm at 2:34 pm |
  2. Ellie, Boyds MD

    You know what?

    Case and point here. The REPUBLICANS DO NOTHING but created chaos and havoc on every thing they touch. There has NEVER been a time when these idiots STEP UP and WORK together with the Democrats in protecting the American People!!

    John McCain did nothing when he claimed he was "rushing back" to Washington to "save the bail out plan".... but we see what his arrival caused. NOTHING BUT CHAOS and DIVERSIOIN!!

    The REPUGS obviously DON'T KNOW what BI-PARTISAN means. They are ALL talk, but NO actions!!!

    ENOUGH ALREADY!!! STOP BLAMING THE DEMOCRATS, GET OFF YOUR POLITICAL EGOS.......AND DO YOUR JOBS!!

    September 29, 2008 02:34 pm at 2:34 pm |
  3. Susie oklahoma

    Great just great....

    September 29, 2008 02:34 pm at 2:34 pm |
  4. facts are facts

    The problem is the administration has lied so much no one can believe what they say about the state of the economy without bailing out wall street. America has a chance to get out of their current state of affairs in November and if they blow this time then look out.

    September 29, 2008 02:34 pm at 2:34 pm |
  5. ohio

    good!!!!!!! i want my tax dollars back!!!!!!!!!!!

    September 29, 2008 02:34 pm at 2:34 pm |
  6. 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.

    September 29, 2008 02:34 pm at 2:34 pm |
  7. Shawn - GA

    Pelosi is a monster. I am so sick of this Dem Congress.

    September 29, 2008 02:34 pm at 2:34 pm |
  8. Mccain is a liar

    Election watcher look at the number of voter's for democrats against it compared to republicans, open your EYE'S watcher, your bias is making you as blind as a bat.

    September 29, 2008 02:35 pm at 2:35 pm |
  9. SPQR

    Thats a bummer!

    September 29, 2008 02:35 pm at 2:35 pm |
  10. Micheal shoemac/black republican

    "Election Watcher"

    yo dumb head...... its the house republicans you dumby

    September 29, 2008 02:35 pm at 2:35 pm |
  11. Ty, okc

    HA! the republicans are FINISHED!!!

    September 29, 2008 02:35 pm at 2:35 pm |
  12. hjon

    House republicans are more to blame than house democrats. This helps Obama. The longer that republicans block the plan the more Obama gains from it. Remember this was Bush's plan. Not the democrats.

    September 29, 2008 02:35 pm at 2:35 pm |
  13. FreeNLovIt

    i had to wait in line to get unemployment. CEOs need to wait in line to get reimbursed for failing to lead a compnay. They can wait.

    September 29, 2008 02:35 pm at 2:35 pm |
  14. Donald

    With 95% of Americans paying their home and car payments each month, why should we bail out Wall Street? Let the fittest survive and the weak die off.

    September 29, 2008 02:35 pm at 2:35 pm |
  15. Bob

    Make these idiots in congress fell some pain, make them accountable ! Force every Senator and Congressman that allowed the Clinton administration to get away with this in 1999 to return all their salaries and anything they have left in their campaign warchests. Put all that towards a bailout, then we can talk turkey.

    September 29, 2008 02:35 pm at 2:35 pm |
  16. Darrel from Denver

    The clowns in congress are referencing constituent call in that they were against the bill and, as a result, have voted to not support it. What they have failed to recongnize is that their constituents were against Paulson's original bill and that since that time they have changed opinion, to as much as 80% in favor, given the inclusions of the restraints and oversight being put in the plan.

    In the interim, the clown Republicans in the House decided to 'stand on principle' and come up with their own plan – lower taxes, provide even more deregulation. In other words, reward greed with an opportunity for even more greed.

    Now, we have a failed bill and a clear move downward in the Dow signalling, soon, a clear financial panic.

    this is going to get ugly folks because we have a bunch of spineless congressman listening to a few whiners back home.

    September 29, 2008 02:35 pm at 2:35 pm |
  17. yeah right...

    funny the repugs killed the bill and this genius "Election Watcher" blames the dems

    September 29, 2008 02:35 pm at 2:35 pm |
  18. Traci

    Shame.

    September 29, 2008 02:35 pm at 2:35 pm |
  19. nobama

    Republicans to the rescue again!
    If you want socialism, I suggest you get yourself citizenship in a socialist country.
    The USA is NOT a socialist country and make no mistake, this plan is socialism!

    September 29, 2008 02:36 pm at 2:36 pm |
  20. ts

    See what McBush got us into now. If it wasn't for him or his rich buddies this would have never happen.

    September 29, 2008 02:36 pm at 2:36 pm |
  21. Interested

    I am kind of anxious to see how this really affects things. Not excited, but close to. And excited means I am happy, more curious than anything.

    September 29, 2008 02:36 pm at 2:36 pm |
  22. The Truth Will Set You Free

    james seriously? Did you just skip the last 8 years of what got us into this mess? We need a bipartisan policy to get us out of this Bush mess...

    September 29, 2008 02:36 pm at 2:36 pm |
  23. Le Troubadour

    "Funny how all of a sudden we need a Bush policy to fix a liberal democrat failure.

    Ironic"

    More like a liberal ideology to rescue a conservative failure

    September 29, 2008 02:36 pm at 2:36 pm |
  24. Former Clinton supporter

    That's what happens when you allow open greedyness and no accountability in the process- When none is watching the abusers of the market a free to abuse!

    September 29, 2008 02:36 pm at 2:36 pm |
  25. Kaye, Tupelo, MS

    I'm a Democrat and I am against this bailout. There is no way we should bail out Wall Street. They got themselves into this let them get themselves out of it. I don't want one of my tax dollars to go to this bailout.

    September 29, 2008 02:36 pm at 2:36 pm |
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