Reuters: House rejects bailout plan

Sep 29 - The House of Representatives rejected a $700 billion bailout plan by a vote of 228 to 205.

The bill would have authorized the Treasury Department to spend up to $700 billion to purchase broken mortgage-backed assets from banks with the goal of thawing frozen capital markets.

Deborah Lutterbeck reports.

SOUNDBITES:
# House Republican leader John Boehner
# Speaker of the House Nancy Pelosi
# Dan Mitchell of the Cato Institute