House rejects bailout

Lawmakers say negotiations will continue

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The House of Representatives today rejected a plan to borrow up to $700 billion to buy "toxic" assets from banks and financial institutions, with opponents deriding the plan as a taxpayer funded bailout of Wall Street.

After a passionate three hour debate in which supporters of the bill warned of the dire consequences of inaction, House lawmakers voted 228 to 205 against legislation that was intended to mollify critics of the Bush administration’s original plan.