WASHINGTON — Despite pleas from the president and leaders ofboth parties, by a 228-205 vote, the House today voted down a $700billion plan to have the government buy illiquid assets fromfinancial institutions, including credit unions.
|Leaders of both sides said the proposal was the least bad amonga set of less-than-ideal alternatives. But they weren't persuasiveenough to offset to the strong opposition by factions within eachparty.
|Among the Democrats, there was reluctance to support a measureseen as bailing out Wall Street, while some Republicans opposedsuch a massive government involvement in the private sector.
|House Republicans rejected the measure by a 2-1 margin, and 90of the 235 Democrats voted no.
|The vote followed a dramatic weekend of lobbying, negotiatingand deal making as the Democratic-controlled Congress controlledthe fate of the proposal, which had been pushed by the Bushadministration.
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