House Rejects Bailout Package, 228-205; Stocks Plunge

By CARL HULSE and DAVID M. HERSZENHORN

WASHINGTON — In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse.

The vote against the measure was 228 to 205, with 133 Republicans joining 95 Democrats in opposition. The bill was backed by 140 Democrats and 65 Republicans.

House Rejects Bailout Package, 228-205; Stocks Plunge....