[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/29/art.bailout.cnn.jpg caption="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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