You think you're stressed about the economic meltdown? Just look at what it's done to Hank Paulson's face. Click here to enlarge the image.

The full list of who voted in favor of—and against—the Wall Street bailout. [DailyKos]

House Rejects Bailout Package, 228-205; Stocks Plunge [NYT]
Bailout Bill Fails in House Vote Amid Defections in Both Parties [WSJ]

Following four hours of debate, the House voted on the bailout a moment ago and the bill didn't pass, although negotiations are still taking place to try and drum up support. Meanwhile the market is tanking amid concern the $700 billion package won't be enough. Perhaps now would be a good time to round up to a trillion? [CNBC, WSJ, CNN]

♦ President Bush turned up outside the White House early this morning to urge lawmakers to pass the $700 billion bailout and a vote is expected later today. Bored today? The full text of the bailout is here. [NYT, WSJ]
♦ Citigroup has agreed to buy Wachovia in a deal brokerered by the FDIC. [Dealbook]
♦ The governments of Belgium, Luxembourg and the Netherlands have teamed up to bail out Fortis, one of Europe's largest banks. [WSJ, Bloomberg]

The $700 billion bailout that leaders of Congress ran out in the middle of the night to shout about, maybe isn't happening after all. Dealbreaker reports that Ohio Rep. Dennis Kucinich is now telling the press that the bailout plan just doesn't have the votes to get through Congress. "I will tell you right now I don't know if they have votes...If the votes were there, this would be on the floor [...] None of this has been subject to a critical analysis. We haven't had access to the books to the people who are claiming they are going broke. They rushed this Congress into the Iraq resolution and look what happened. Catastrophe for this nation as well as for the people of Iraq." After the jump, video of Kucinich blowing his lid over the proposal on the House floor this afternoon.

Early this morning, Congressional leaders announced they'd come to a tentative agreement on a $700 billion bailout plan to save America. Yay? Thankfully, a kindly reporter at Reuters has gone ahead and laid out the key points of the plan, which still needs to be ratified by the full House and Senate. See the solution that will totally revolutionize Wall Street and protect us from douchebankers forever and ever after the jump. -The $700 billion in buying power would be doled out by Congress in stages. After the first $250 billion is authorized, the President could request another $100 billion. The final $350 billion could be cleared by a further act of Congress. - Washington will take a stake in companies helped through the program so that taxpayers can share in the profits if those companies get back on their feet. - A new congressional panel would have oversight power and the Treasury secretary would report regularly to lawmakers in two elements of a multi-level oversight apparatus. - Compensation limits would be set for the chiefs of participating firms to prevent excessive pay and "golden parachutes" for those who might tap government aid and then quit. - The federal government may stall foreclosure proceedings on home loans purchased under the plan. - Alongside the plan to buy securities outright, the Treasury Department will conceive an alternative insurance program that would underwrite troubled loans and would be paid for by participating companies. - If the government has taken losses five years into the program, the Treasury Department will draft a plan to tax the companies that took part to recoup taxpayer losses.

"The status of a rescue plan for the nation’s financial system was in doubt, at least for the moment, on Thursday as lawmakers emerged from a White House meeting with President Bush to say that negotiations have a ways to go." [NYT]

$700 billion. That's how much the Bush administration is asking for to bail out Wall Street. But did you know that's the equivalent of buying every single American 2,000 apple pies from McDonalds? Thankfully, CNN has broken things down for you, just in case you were having trouble wrapping your mind around such a massive figure.

♦ President Bush urged Americans to support the $700 billion bailout during his televised address last night, the first time he's ever devoted a primetime speech to the economy. Meanwhile, thousands of politicians continue to clash over the specifics. [NYT]
♦ Warren Buffet was drinking a cherry coke and eating mixed nuts last Tuesday when he got a call about investing in Goldman Sachs. He hammered out the $5 billion deal in about 15 minutes and then moved on to Cheetos and "licorice pastel candies." [WSJ]
♦ WaMu may not have much time left. [Bloomberg]
♦ Lehman Brothers chief Dick Fuld reached out to GE CEO Jeff Immelt before the firm filed for bankruptcy. [NYP]