All the news services have carried the story. The bipartisan bailout of the nation’s largest financial institutions has failed in the House of Representatives by 13 votes. According to CNN:

The measure need[ed] 218 votes for passage, but it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats voted for the measure, but less than a third of Republicans backed it.

John Carney, at ClusterStock, followed the vote as it developed and the stock market plummeted. House leaders held the question open for a short time hoping to persuade some members to change their votes.

Republicans supplied less votes than Democrats had expected, convincing Democrats to vote against the bailout bill so as not to put their seats at risk. Both parties [tried to negotiate] vote trading, with the Democrats arguing the Republicans should get at least 9 more of their members to vote “Yea,” bringing the Republican favorable votes up to signficiantly. At issue, many on the Hill believe, how many seats each party should put at risk by voting for this deeply unpopular bailout.

In the end, however, it was all for naught. During the voting, the DOW fell 700 points, finally closing down 777.68. Huffington Post calls the vote “an extraordinary gamble on the future of the global economy.”

According to the Associated Press, Barack Obama has called on the House to “get it done,” arguing that the country needs to avert crisis in the short term: “Democrats and Republicans in Washington have the responsibility to . . . make sure that the emergency rescue package is put forward that can at least stop the immediate problem we have.” Meanwhile, Republicans, who defeated the bailout, are blaming Nancy Pelosi.

I love it. Republicans with their feelings hurt! Though in fairness many Republicans apparently voted against the bailout because it violates their free market ideology, and I’m reading a deal of comments from like-minded folks, saying in effect: “Let the banks fail.” I’m guessing that Americans who are steadfastly opposed to the bailout think the crisis is being overblown in Washington. Apparently, President Bush has called a high level meeting to discuss what to do next, and John McCain is blaming Obama, having taken personal credit for the bailout bill before the vote failed.