$700 Billion Bailout Bill Defeated

WASHINGTON (AP) - 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 started plummeting on Wall Street even before 228-205 to reject the bill was announced on the House floor.

A White House spokesman says President Bush is very disappointed in Monday's House vote rejecting the administration's rescue plan for the nation's financial industry.

"There's no question that the country is facing a difficult crisis that needs to be addressed," said spokesman Tony Fratto. He said the president will be meeting with members of his team later in the day "to determine next steps."

Bush is "very disappointed" with the vote, Fratto said.

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