$700 Billion Bailout Plan Fails in Congress

A $700 billion plan to bailout the United States Economy has failed to gain enough support to pass through the House of Representatives. Presented by the Bush administration, and amended to include over-sight on how a lot of the money was going to be spent, the bailout proposal finally made it to a vote on Monday afternoon. The results were not favorable, as both Democrats and Republicans made themselves heard by failing the bill in its current form. In support of the bill were 140 Democrats and 67 Republicans, so there was a large sway of Republican votes that ended up really killing the bill. To pass, the bill only needed to attain 218 of the 435 possible votes (or 50% + 1) and they couldn't quite muster enough support when it finally came down to people weighing in with their opinions.

The vote sent shock-waves towards Wall Street, where a constant eye was kept on what was taking place in the House, and as the nay votes continued to rise, the Dow Jones began to react in a negative fashion. In a direct correlation between the nay votes increasing, the Dow Jones Industrial Average began to drop, and at times the drop was around a 700 point loss on the day. At the end of the voting, when it had been rejected, the Dow Jones was down around 500 points for the day. The Dow Jones is expected to go down even further for the day, as news of the failure to pass this bailout plan will spread across the country.