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The article reports on the clearing of the U.S. House of the legislation 263-171 that provides a $700 billion rescue to at risk financial institutions to shore up the unstable economic condition of the country. Pressure grew on California representatives to vote for the bill after Governor Arnold Schwarzenegger wrote to Treasury Secretary Henry Paulson that his state might need an emergency loan of up to $7 billion.

The article reports on the refusal of the U.S. House to implement the bailout plan bill. The House rejected the federal government $700 billion bailout package to rescue to uncertain credit market that threatens to bring the nation's economy to standstill. It declined the bill 228-205 which triggers a drop of more than 700 points in the Dow Jones Industrial Average.