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

House kills $700 billion bailout plan

[cnn-photo-caption image= caption="The House of Representatives rejected the bailout plan Monday. Watch live coverage on"]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. Al in NH

    Hey, Where's some of this real change we,ve been hearing the dems spew for over a year. This was their big chance to show how america should be run and Pelosi, Reid and Co. can't even get a majority of their own party to back this bill.

    Listen up, we don't want to turn over the checkbook to the same group who had a hand in creating this mess. How about a change of leadership in the Finance committees. How about it Chris Dodd and Barney Franks? You both stood in the way of reform for Fannie and Freddie – how about steppinig aside now for the good of the party (Not to Mention the Country!)

    September 29, 2008 02:41 pm at 2:41 pm |
  2. joe snuffy

    I guess McCain will have to suspend his campaign again, huh?

    Senator photo-op to the rescue!

    Now I'm beginning to wish I had married a beer heiress...

    September 29, 2008 02:41 pm at 2:41 pm |
  3. Some Things Never Change

    It needs to keep failing, let the rich, big business and the government learn their lessons the hard way.

    September 29, 2008 02:41 pm at 2:41 pm |
  4. JB the spin the heck is it the speakers fault?...

    September 29, 2008 02:41 pm at 2:41 pm |
  5. Way to go Republicans!!!!

    Republicans are playing the blame game as usual... blaming this on Pelosi. They are playing Republican politics, not being able to think for themselves and mainly not taking care of the American People.....

    McBush, and the Republican leaders have to take a long look at themselves before they go to bed tonight....

    September 29, 2008 02:41 pm at 2:41 pm |
  6. andyg

    Let em all crash... They sucker people into upside down loans and give people money with absolutely no cares if they pay it back and then expect all those dollars to be paid back??

    Let'em all crash... every single one of them.. Except you microsoft... you can stay... I need another xbox real soon... For that new house im gonna buy at the Fire Sale!!

    September 29, 2008 02:41 pm at 2:41 pm |
  7. Juliet listing...this is a republican admin....wake up

    September 29, 2008 02:41 pm at 2:41 pm |
  8. IC2Trees

    Brian from a different post said this below, it so good I thought to post again

    If she thinks it's a good idea to point out that he's been staring down dictators since she was in second grade, well that's just hilarious and it makes her look naive, confused and terribly mistaken in regard to what the American people really care about. Experience matters, but judgment does too. McCain has experience without judgment. Obama has judgment without much experience. Biden has both. Palin has neither.

    September 29, 2008 02:41 pm at 2:41 pm |
  9. Tony

    A victory for Capitalism!

    I've heard nothing but vapid excuses for this bailout. The threat of recession is not a reason to inject Socialism into our economy. Let the bad banks fail and the people who bought houses they couldn't afford lose them so that our economy will return to equilibrium where it belongs. I don't want one cent of my federal tax dollars to go towards bailing these people out.

    September 29, 2008 02:41 pm at 2:41 pm |
  10. AJP Richardson, TX

    This proves my point, The Republican's are the party of evil.

    September 29, 2008 02:42 pm at 2:42 pm |
  11. Eating Buffalo Wings in Heaven with Russert

    Each and every one of those no votes should be written into the articles of impeachment for those individual lawmakers as I am 100% certain not one of them offered a comprehensive alternative to this bill.

    September 29, 2008 02:42 pm at 2:42 pm |
  12. Adam from GA

    "The Democratic party clearly wants to delay this measure for political gain."

    Democrats are to blame? Really?

    60% of Democrats voted for the bill. Less than 33% of Republicans supported it. While I don't doubt that many Democrats would love to see McCain suffer in the polls, the blame is largely on the House Republicans.

    September 29, 2008 02:42 pm at 2:42 pm |
  13. Chris

    Good. Mr. Bush says that Wall St. got drunk, well let them suffer the hangover. Not me.

    September 29, 2008 02:42 pm at 2:42 pm |
  14. jb

    Meanwhile the stock market tanks and we can all hear our 401's going down the drain.

    September 29, 2008 02:42 pm at 2:42 pm |
  15. ohio


    September 29, 2008 02:42 pm at 2:42 pm |
  16. Jeff DuShane

    Enough is enough! This partisan game in Washington has to end. We may have differences, but we seem to be represented by the far right and the far left. This is a nation of gray, not of black and white, and our representatives should realize that and learn to work together.

    This is RIDICULOUS if this is truly as extreme as they have been advertising for the economy.

    September 29, 2008 02:42 pm at 2:42 pm |
  17. Purple Nurple

    I just saw Eric Cantor (R) minor whip say it was the DEM's fault. Yes 94 DEM's voted againt it, but guess how many REP's said no 134!!! OMG.

    THIS is a good thing folks. We the american peoplesaid no and now our elected leaders have said no.
    The market will work it self out. I just do not have anything to loose. No investements, no stocks, bonds, savings, etc, so as far as I am concerend nothing changes for me as I have been living pay day to pay day for some 2 years now and I am a Cheif Petty Officer in the US Navy folks!!

    September 29, 2008 02:42 pm at 2:42 pm |
  18. Gee, Alabama

    The republicans show disgusting partisan behavior. It seems they can only try to spin anything into their favor. When is America waking up?

    September 29, 2008 02:42 pm at 2:42 pm |
  19. Long Time Coming

    Well, fortunately I am not tied up in the market, but in all honesty, people need to take a long hard look at themselves regarding this whole mess. We've stopped being critical of our leaders, and as long as there was promise of money on the short term, everyone drank the punch.

    This is exactly the problem with deregulation. And if you think it is a Dem versus Republican thing, you are equally in the fog. Good ole Billie Boy Clinton was just as much a deregulator as Bushie. They all have to pay back those big financial institutions that gave them so much money. In fact probably partially your money.

    It really is time for us, the people, to take back what is rightfully ours. Forget about political parties, those simply keep us fighting amonst ourselves, while both parties rob us blind.

    September 29, 2008 02:42 pm at 2:42 pm |
  20. deb

    Why should we bail out all these rich ceo's and politicians involved with them. I don't see the Bush Adm. offering to bail out the little guys who have lost their jobs and homes. They are the ones in need!!!

    September 29, 2008 02:42 pm at 2:42 pm |
  21. Mike

    I'm ashamed that Nancy Pelosi hails from my state.

    September 29, 2008 02:42 pm at 2:42 pm |
  22. Michael

    OMG, I wish I had the change to vote these Knuckleheads out of office.

    There is plenty of blame to go around....

    Nancy Pelosi chose the absolute worst time for partisan politics. On the floor of the house, just before the vote for this bill, why???
    And to the thin skinned Republicans, I am sure you have heard the childrens nursery rhyme' Sticks and stones.....?

    You all have done the american public a serious dis-service.

    Looks like I am gonna have to work another 20 years just to make up the difference!

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

    It`s all McCain`s fault....he went back to do the Debate with Obama instead of rescuing the country like he planned....what happened to his Country First? LOL
    Maybe Palin can come to the rescue this time so she can attempt to put off her debate with Biden......hmmmmm That`s what is needed to make the vote go through....the Barracuda!! Yeah, right!!!
    I feel sorry for whomever is the next president....because this whole situation is surely a Mess!!!

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

    Guess McCain didnt' save the day after all. I don't know why it failed...but can McCain and the republicans now admit that McCain didn't do anything with this bailout.

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

    Is John McCain going to " Suspend" his campaign AGAIN????? Will Sarah Palin lie about something as to why she can't make the debate? I guess John couldn't save the world. I think we will see his numbers drop AGAIN.

    Let's get it straight....

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