House of Representatives voted 228-205 to reject a $700 billion rescue the financial industry. In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted 228-205 to reject a $700 billion rescue of the financial industry.

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After several hours of discussions with President George W Bush, a group of Republican members of Congress blocked the government plan. The proposal would have seen the government buy bad debts from US banks. Without a swift rescue package more finance companies are expected to collapse, causing more serious damage to the global economy.

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Skeptical reception the calls to enact the financial rescue plan quickly. The US economy could grind to a halt if Congress refuses to back its $700bn financial rescue plan, the administration warned on Tuesday as it stepped up efforts to win round doubting members of President George W. Bush’s own Republican party.

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President Bush's decision to shore up the financial markets with massive government intervention is the latest sign of a broad ideological transformation of his presidency. Bush set out his doctrine and no one will quarrel about its success.

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The Wall Street Bailout Plan, explained for an average reader in a Q & A

Q. The bailout program being negotiated by the Bush administration and Congressional leaders calls for the government to spend up to $700 billion to buy distressed mortgages. How did the politicians come up with that number, and could it go higher?

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Wall Street shares have rebounded sharply after a proposed US government plan to buy billions of dollars of US banks' bad mortgage-related loans. Dow Jones index jumped 3.8% in early trading, while London's FTSE 100 index was up 8%. With more details of the rescue package would be announced next week.

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Fitch Rating downgraded AIG to A, from AA-, saying the company's ability to raise cash is "extremely limited" because of its plummeting stock price. Fed holds fresh AIG crisis talks as AIG downgrade could prove costly Nation's largest insurer hit with first downgrade as it tries to raise cash. Fed asks Goldman and JPMorgan Chase to raise $70B for firm. Shares end down 61%.

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The fall is a move that will spread further unease about the state of global economies. American financial giant Lehman Brothers is to file a petition under Chapter 11 of the US Bankruptcy Code. The move usually allows companies to reorganise their contractual and debt obligations under the supervision of a bankruptcy court.

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Credit Crunch forced a decision to place XL Leisure Group into administration has also left thousands of staff facing the axe. There are 67,000 stranded who booked directly with XL, and another 23,000 who booked via other companies.

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Yet Barack Obama, with every natural and structural advantage in the presidential race, is running only neck-and-neck against John McCain, a sub-par Republican nominee with a list of liabilities longer than a Joe Biden monologue.

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