House votes down bail-out package
The lower house of the US Congress has voted down a $700bn (£380bn) plan aimed at bailing out Wall Street.
The rescue plan, a result of tense talks between the government and lawmakers, was rejected by 228 to 205 votes in the House of Representatives.
About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats.
Shares on Wall Street plunged within seconds of the announcement, after earlier falls on global markets.
A White House spokesman said that President George W Bush was "very disappointed" by the result.
The vote came as banks failed in the US, Europe and the UK.
The fourth largest US bank, Wachovia, is being bought by Citigroup after becoming the latest to hit problems.
In Europe, Benelux giant Fortis was bailed out by three governments, while in the UK the Bradford & Bingley bank was nationalised.
http://news.bbc.co.uk/1/hi/business/7641733.stm
.
