WASHINGTON (AP) -
Top congressional and White House officials, stunned when the House rejected a massive rescue plan for the nation’s economy, scrambled to structure a new bailout proposal that would attract reluctant lawmakers and still soothe the unnerved financial markets.
“Doing nothing is not an option,” House Majority Leader Steny Hoyer, D-Md., said after seeing the $700 billion emergency package for the nation’s financial systems fail 228-205 on Monday.
With the House not scheduled to meet again until Thursday, congressional leaders and Bush administration officials promptly sought to assess what types of changes could win over enough votes to guarantee success. President Bush planned to make a statement on the rescue plan at 8:45 a.m. EDT Tuesday.
The outcome of Monday’s vote fed a huge sell-off in the stock market, sending the Dow Jones Industrial Average into its biggest single-day plunge, 777 points. The House vote and the market’s terrified reaction shook Washington and New York centers of power – even overseas markets – but no immediate solution seemed at hand…
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