House defeats $700 billion bailout proposal

The U.S. House has just defeated the $700 billion bailout plan a bipartisan group of Washington politicians had hoped would stabilize an American economy in crisis. The move sent the financial markets tumbling.

On a vote of 228-205, the House rejected the compromise plan that had been announced Sunday. Leaders from both parties spoke in favor of the bill before the vote, and after the tally was complete, they held the vote open for a few minutes to try to sway votes, but they were unable to secure the support needed to pass the bailout proposal.

The Dow Jones industrials fell 705 points just before the vote on fears that the proposal might fail. It is currently down about 500 points.

I’m seeking comment from members of the New Mexico delegation and information on how each House member from New Mexico voted. Check back here later today for updates.