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Crunch US: $700bn vote drama
Crunch US: $700bn vote drama
Last Modified: 29 Sep 2008
By:
Sarah Smith
The House of Representatives in Washington - in its first vote on the Bush Wall Street rescue plan - votes to reject it.
High drama in Washington tonight. In the last few minutes, US politicians have voted against the $700bn deal to rescue the global economy.
President Bush, the leaders of both parties and both presidential candidates all appealed for it to go through.
But it was never going to be an easy sell with congressmen who all face re-election in just a few weeks time. One Republican said it would put the nation on "the slippery slope to socialism".
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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