Bailout vote stuns Washington, markets

World financial markets reeled and stunned lawmakers groped for their next move Monday after the House failed to approve a $700 billion bailout of the financial services industry.

House votes down massive bailout measure

The House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive into recession without it.

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