By a vote of 228-205, the House of Representatives has defeated the proposed $700 billion rescue plan for the financial markets. Despite support from President Bush, the bill faced opposition from significant numbers of both Republicans and Democrats.
According to an AP article, the next steps have yet to be determined, as members of Congress have long been trying to adjourn in order to campaign during the five weeks remaining before the presidential election.
News of the measure's failure immediately sent stocks plummeting.
Source: AP