Click to play videoWashington: US President George W Bush on Monday voiced disappointment at the House of Representatives' vote rejecting the administration's rescue plan for the country's financial industry and vowed to address the economic situation "head on".
In a stunning vote that shocked the capital and worldwide markets, the House defeated the $700 billion emergency rescue for the US financial system, ignoring urgent warnings from the President and Congressional leaders of both parties that the economy could nosedive without it.
Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was officially announced on the House floor.
Bush and a host of leading Congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.
However, not enough members were willing to take the political risk just five weeks before an election.
Bush was due to meet Treasury Secretary Henry Paulson and other top advisers on Tuesday to decide next steps.
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