WASHINGTON — Despite pleas from the president and leaders of both parties, by a 228-205 vote, the House today voted down a $700 billion plan to have the government buy illiquid assets from financial institutions, including credit unions.
Leaders of both sides said the proposal was the least bad among a set of less-than-ideal alternatives. But they weren't persuasive enough to offset to the strong opposition by factions within each party.
Among the Democrats, there was reluctance to support a measure seen as bailing out Wall Street, while some Republicans opposed such a massive government involvement in the private sector.
House Republicans rejected the measure by a 2-1 margin, and 90 of the 235 Democrats voted no.
The vote followed a dramatic weekend of lobbying, negotiating and deal making as the Democratic-controlled Congress controlled the fate of the proposal, which had been pushed by the Bush administration.
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