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House votes down bail-out package House votes down bail-out package
(10 minutes later)
The lower house of the US Congress has voted down a $700bn (£380bn) plan aimed at bailing out Wall Street.The lower house of the US Congress has voted down a $700bn (£380bn) plan aimed at bailing out Wall Street.
The rescue plan - the result of tense negotiations between the government and lawmakers - was voted down by 228 votes to 205 votes. The rescue plan, a result of tense talks between the government and lawmakers, was rejected by 228 to 205 votes in the House of Representatives.
Members of President George W Bush's Republican party were strongly opposed to it and many refused to back it. Members of President George W Bush's Republican party were strongly opposed to it. About two-thirds of them refused to back it.
Shares on Wall Street plunged within seconds of the announcement, following steep falls in earlier trading. Shares on Wall Street plunged within seconds of the announcement.
Mr Bush had earlier appealed to lawmakers to pass the bill, saying it would restore economic confidence.Mr Bush had earlier appealed to lawmakers to pass the bill, saying it would restore economic confidence.
The BBC's Adam Brookes in Washington said Democratic leaders in the House were likely to try and convince a number of their members who voted against the bill to change their minds in coming days.
Impassioned debate
The vote came as banks failed in the US, Europe and the UK.The vote came as banks failed in the US, Europe and the UK.
The fourth largest US bank, Wachovia, is being bought by Citigroup after becoming the latest to hit problems.The fourth largest US bank, Wachovia, is being bought by Citigroup after becoming the latest to hit problems.
In Europe, Benelux giant Fortis was bailed out by three governments, while in the UK the Bradford & Bingley bank was nationalised.In Europe, Benelux giant Fortis was bailed out by three governments, while in the UK the Bradford & Bingley bank was nationalised.
The US Federal Reserve, the European Central Bank and eight other central banks announced further moves to combat the crisis, by making a further $330bn available to provide liquidity to global money markets.The US Federal Reserve, the European Central Bank and eight other central banks announced further moves to combat the crisis, by making a further $330bn available to provide liquidity to global money markets.
Speaking ahead of the vote, Mr Bush had argued that the bail-out plan was a "bold" one which he was confident would restore strength and confidence to the US economy.Speaking ahead of the vote, Mr Bush had argued that the bail-out plan was a "bold" one which he was confident would restore strength and confidence to the US economy.
But after a several hours of impassioned debate, the bill's opponents - the majority of whom were from the Republican Party - got their way.But after a several hours of impassioned debate, the bill's opponents - the majority of whom were from the Republican Party - got their way.