Just like the U.S. financial sector, the Congressional effort to prop it up has gone down in flames.
Representatives from both sides of the aisle this afternoon lined up against the $700 billion bailout plan by a 228-to-205 vote. The measure had been scheduled for a Senate vote on Wednesday, but that's now in limbo as lawmakers try to regroup.
Let's hope the stock market finds its footing, too. It went into free fall as soon as word of the House vote got out.
At this rate, all other legislation, including the AMT and extenders packages blogged about earlier, might be on the permanent back burner. And Representatives and Senators might not be able to make it back home to campaign before Nov. 4, which might not necessarily be a bad thing!
I just hope the absence of a rescue package doesn't mean the Vice Presidential debate will have to be postponed.