WASHINGTON – The House narrowly rejected the massive bailout of the mortgage industry on a bipartisan vote this afternoon, with both Democrats and Republicans decrying the taxpayer cost of the $700 million package.
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House leaders are expected to try to renegotiate the bill but that won’t be until later this week after Congress returns home for the Jewish New Year's celebration, known as Rosh Hashanah, which starts tonight.
The vote, 228 to 205, came after four hours of debate, with numerous members saying they were inundated with calls from constituents urging a "no" vote.
Rank and file members of both parties spoke against the bill, even as Democratic leaders joined Republican leaders in lobbying for the massive bailout.
