The Bail Is Out

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(UNDATED) - The House 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 the 228-205 vote to reject the bill was announced on the house floor.

Indiana Business Research Center Director Morton Marcus says businesses across the country could be forced to cut back or close if a deal is not reached. He says it's possible one of the big credit-card companies could fold.

Since credit cards entice people to spend more than they have, Marcus says a card collapse would likely prompt people to spend less, and give the economy a shove toward recession.

Indiana's roll call:
Pete Visclosky (D-1): Nay
Joe Donnelly (D-2): Yea
Mark Souder (R-3): Yea
Steve Buyer (R-4): Nay
Dan Burton (R-5): Nay
Mike Pence (R-6): Nay
Andre Carson (R-7): Nay
Brad Ellsworth (D-8): Yea
Baron Hill (D-9): Nay

Complete Congressional Roll Call

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