The US House of Representatives voted against the financial rescue plan. Secretary Paulson noted that the package was ‘substantial but insufficient’ and announced continuing to work with Congressional leaders to find a way to pass a plan.
The US House of Representatives voted against the financial rescue plan. The House voted with 228 to 205 to reject the plan although congressional leaders of both parties supported its adoption.
Republicans led the House revolt against the bill. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill. However, House representatives may consider holding a second vote soon.
The Dow Jones Index closed down 7 percent lower, the largest one-day point drop ever. Stock markets in Asia were hit hard and regulators placed tighter limits on the short-selling of stocks. South Korea temporarily banned short selling on all local stocks and also Taiwan imposed new restrictions on short selling. The Hong Kong the Securities and Futures Commission warned that it would take action against ”abusive short-selling”. And the Russian Federal Financial Markets Service suspended equity trading temporarily.
Earlier today, Mr Bush repeated his assertion that the bill would present a "difficult vote" for members of the US Congress, but urged them to pass the "bold" measure.
Reacting to the vote Secretary Paulson noted that the package was ‘substantial but insufficient’ and announced continuing to work with Congressional leaders to find a way to pass a plan.
Statement Paulson
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article