"Many of us feel that the national interest requires us to do something which is, in many ways, unpopular," said Rep. Barney Frank, the Financial Services Committee chairman. Frank was a key leader in negotiating the deal over the bailout. The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. Stocks started plummeting on Wall Street even before 228-205 to reject the bill was announced on the House floor.
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