The US House of Representatives has narrowly rejected a 700-billion-dollar plan to rescue the country's troubled financial system, with 205 lawmakers voting in favour and 228 against. Speaker of the House Nancy Pelosi has blamed the Republicans for the failure of the bill, the largest government economic intervention plan since the Great Depression of the 1930s.
The Bush administration had argued that the scheme was crucial to avert a wider economic collapse, but conservative members of the Republican party remained unconvinced. US President George W. Bush said the White House was continuing to work on the package. US blue-chip stocks plunged more than 500 points in response to the bill's failure.
(Deutsche Welle)
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