Story here.

It seems conservative Republicans were able to rally others, and a significant number of Democrats, to join them in fighting this bill. While this has sent the markets tumbling (DOW is down 400+ points) it shows that it is better to pass a better bill, than to pass an expedient bill.

Quote from Rep. Jeb Hensarling (R-TX): "If we lose our ability to fail, we will soon lose our ability to succeed. If we bail out risky behavior, we will soon see even riskier behavior."

UPDATE: The House does indeed reject the bill, 228-205. The market is still down 500+ points. There is no indication another vote will occur today so it will be interesting to see what transpires and whether the bill will be changed at all.

UPDATE: Apparently this speech by Nancy Pelosi is getting blamed for so many people voting NO.

DOW ends down 748.21. NASDAQ down 199.61. Yikes!