House Rejects Measure To Rescue Financial Markets

House Rejects Measure To Rescue Financial Markets  

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.

CNBC.com Bailout Denied

Stocks plunged 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.