The House of Representatives has rejected a $700 billion plan to save the financial industry. The vote against the bailout was 228 to 205.
What was the plan? The bailout, proposed by President Bush, was basically the government's way of securing investments in the financial sector. Under the plan, the government would have bought assets that had lost their value. Basically the government would guarantee that people who had invested in these things would get their money. The hope was that by doing this, the government could keep more banks and investment firms from failing.
So why would someone vote against the bailout? Some lawmakers had argued that it would save companies and investors who had taken huge risks and didn't deserve to be rescued by the government. Others worried it would fail and leave the government responsible for a huge amount of debt.
What happens now? Supporters of the plan say they will try to bring it up for another vote as soon as possible. The Senate is expected to vote on it later this week.