The $700 b financial bail out plan was defeated in US House by the 228-205 vote; re-voting may happen on Thursday. The US legislature did not give any attention to pleas from President Bush for quick bail out of the financial crisis. Democrat leaders have blamed the Republicans for going against the Bailout bill. However, seemingly, the White House was disappointed with the outcome of the vote.

 

Reportedly, while the democrats voted in favor of the bill, the Republicans defeated the bill as they voted 2-1 against the bill. However, the hope is not yet over as those who voted against the bill are being persuaded to vote in favor. And, accordingly, the bill may come up again. Interestingly, post-voting negotiations are being used to convince members to change their minds, and vote in favor in next voting.

 

However, the unpopular measure may not have many takers. The justification of the bill is tough; the same government could not raise funds for the nation’s health insurance system or repair bridges and tunnels, is now coming with a mammoth bailout plan to save big financers. The taxpayer community has already started making discontent voices against the plan and middle-class homeowners want to avoid foreclosure at any cost.