US House Rejects Bailout Plan

Law360, New York (September 29, 2008, 12:00 AM EDT) -- The U.S. House of Representatives rejected the proposed $700 billion bailout package on Monday, sending the stock market into a tailspin.

The bill failed 205-228 in the House despite backing by President George W. Bush and leaders from both parties, raising questions about the plan's future.

The news triggered massive selling on Wall Street, sending the Dow Jones Industrial Average down 700 points before the index appeared to stabilize somewhat in later trading. At 2:40 PM, various market indices showed stocks had lost between 5% and...
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