House Defeats $700B Financial Markets Bailout

By: AP
By: AP

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.

Only one member of Kansas' congressional delegation voted in favor of the Wall Street bailout legislation.

Democratic Rep. Dennis Moore, of Lenexa, was the state's lone
vote to support the $700 billion rescue plan.

The measure that Congressional leaders spent all weekend negotiating failed 228-205 in a mid-afternoon House vote Monday.

The bailout plan is an unpopular one, but it's one that House
leaders say is necessary to prop up shaky financial institutions
and free up frozen lines of credit.

Opposing the measure were Democratic Rep. Nancy Boyda, of
Topeka, and Republican Reps. Todd Tiahrt, of the Wichita area, and
Jerry Moran, of western Kansas.

Stocks started plummeting on Wall Street even before 228-205 to
reject the bill was announced on the House floor.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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