House rejects bailout bill; Congress and Paulson vow to forge ahead

09/30/2008 | CNBC

Although the House rejected the financial-bailout bill by a vote of 228-205, Democrats and Republicans said they would push forward and continue to work on a proposal. U.S. Treasury Secretary Henry Paulson said, "We've got much work to do, and this is much too important to simply let fail." Regulators and legislators need to act "as soon as possible" to preserve the credit markets, he said. Although a majority of Democratic House members voted in favor of the bill, Republicans voted against it more than 2-to-1.

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