US bailout plan gets "No" vote

CCTV.com 09-30-2008 09:27

The US House of Representatives has rejected a 700-billion US dollar emergency rescue package for beleaguered financial companies. President George W. Bush says he is disappointed at the rejection, and vows to use all means to protect the economy.

U.S.House of Representatives Speaker Nancy Pelosi (C),(D-Calif.) arrives at a news conference on Capitol Hill in Washington, Monday, Sept. 29, 2008, after the failed House vote on the financial bailout package.(Xinhua Photo)

The bailout plan failed by a vote of 205 to 228 on Monday, despite strong pressure from the White House.

The bill would have put in place an unprecedented federal program to buy up rotten assets from cash-starved firms. The goal is to free up choked credit that is threatening to cause broader market turmoil.

However, the largest bailout plan since the Great Depression in the 1930s was turned down by over two-thirds of Republicans and 40 percent of Democrats. They say the bill asks taxpayers to pay for wild irresponsibility by America's top finance firms.

U.S.House of Representatives Speaker Nancy Pelosi,(D-Calif.) speaks at a news conference on Capitol Hill in Washington, Monday, Sept. 29, 2008, after the failed House vote on the financial bailout package. (Xinhua Photo)

President Bush says he is very disappointed, and insists such a rescue is urgently needed.

George W. Bush, US president, said, "Our strategy is to continue to address this economic situation head on and we'll be working to develop a strategy that will enable us to continue to move forward."

Bush has met with Treasury Secretary Henry Paulson and other top advisers after the vote's failure.

Paulson says he will continue to talk with Congressional leaders to find a way to get something done as soon as possible.

He warns the same stresses overwhelming the banking industry are already being felt by ordinary families.