Democratic and Republican leaders of the
House of Representatives traded accusations over the failure of a massive
rescue plan for the US financial industry, but promised to go back to the
drawing table to find a workable compromise, dpa
reported.
"We delivered on our side of the bargain," said Democratic House
Speaker Nancy Pelosi, pointing out that 60 per cent of majority Democrats voted
for a bill proposed by Republican President George W Bush.
The House Republican leadership blamed a partisan speech by Pelosi shortly
before the final vote, which held the Bush administration responsible for the
current crisis. Republicans claimed it turned off a dozen of their members who
had been prepared to vote in favour.
The House voted 228-205 against the bill. Republicans led the opposition,
voting 2-1 against the 700-billion-dollar bail-out plan. The Dow Jones
Industrial Average plunged 700 points by Monday afternoon.
The rejection came despite congressional leaders of both parties supporting the
rescue measure, which was hammered out during nine days of tough negotiations.
It was unclear when or how another compromise would be worked out.
"The legislation has failed, the crisis has not gone away, we must work in
a bipartisan way in order to have another bite at the apple," Pelosi said.
Congressional leaders and White House officials thought they had forged an
agreement Sunday but lower-level legislators in both parties derailed the
process, resenting the need to put taxpayer money on the line to bail out
greedy Wall Street investors.
Barney Frank, head of the Financial Services Committee, said he was
"appalled" that Republicans would seek to place the blame on Pelosi
for one partisan speech.
"There's a terrible crisis affecting the American economy, and because
somebody hurt their feelings they decided to punish the country?" Frank
said.
John Boehner, the minority leader, promised to go back and find a compromise in
the coming days.
"We need everybody to calm down and relax and get back to work,"
Boehner said.