The US House of Representatives has narrowly rejected a 700-billion-dollar bailout plan for struggling US banks that would have allowed Treasury to buy up their bad mortgage-related loans. World share markets plunged after the bill's failure.
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Election 2008 ... but 228 against. Ahead of the US presidential election, House Republicans balked at spending so much taxpayer money. Democrat House Speaker Nancy Pelosi blamed the Republicans. President George W. Bush said the White House would continue to push for the bill's passage. Treasury Secretary Henry Paulson said Congress must act fast, saying world markets are "under stress." The Senate returns on Wednesday and the House reconvenes on Thursday. New York's main Dow Jones index plunged by 778 points or nearly seven percent, its biggest single-day drop ever. Shares in Asia tumpled but recovered somewhat to close down about three percent.
(Deutsche Welle)
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