Market Plummets Over 675 Points!

Crisis? What crisis?

Wisconsin Republican Rep. Jim Sensenbrenner said he'll vote against the Wall Street bailout package promoted by President Bush.

The House was expected to vote on the $700 billion compromise legislation later today with a Senate vote expected as early as Wednesday.

President Bush urged its passage in order to "keep the crisis in our financial system from spreading" throughout the economy.

Sensenbrenner says he'll vote against the Emergency Economic Stabilization Act because the government shouldn't inject itself into the free market system.

The Menonomee Falls congressman says it's unfair to ask taxpayers to shoulder the debt of Wall Street.

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UPDATE: The House defeats the bailout package.

WASHINGTON -- Stocks spiraled downward as much as 685 points on Monday a $700 billion bailout of Wall Street appeared headed toward defeat in the House of Representatives.

House leaders held open the vote as they tried to sway reluctant lawmakers to support the plan, which was failing 207-226 after the vote clock expired but arm-twisting continued.

Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source.

"Pelosi's partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill," the source said.

Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the "failed Bush economic policies" of the last eight years.