The new bailout legislation was seen as a breakthrough in bipartisan consensus early this morning, but by this afternoon, it was abruptly struck down, as it came up 13 votes short of passage. The final House vote was 228 to 205 against the measure. According to a report on CNN, about 60 percent of Democrats and fewer than 33 percent of Republicans voted for the proposal.
Next steps are unclear at this point. Congressional leaders are unsure whether they will renegotiate the proposal or explore alternative rescue measures. If a new vote comes, it is not expected before Thursday.
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