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House Defeats $700 Billion Financial Markets Bailout

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House Defeats $700 Billion Financial Markets Bailout The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. Stocks plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor. When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away.

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