"Most days are not like today," said House Majority Leader Steny Hoyer, D-Md., moments before voting began on the Emergency Economic Stabilization Act of 2008. "This is a day of consequence for the American people."

His words fell on deaf ears. Despite frantic last-minute attempts to swing votes, the bill failed.

The bill failed 226 to 207, with 141 Democrats voting for and 94 against, and 66 Republicans voting for and 132 against.

House GOP leaders made impassioned pleas for Republicans to get in line and support the bill, but their entreaties were ignored. A two-thirds majority of Republicans voted against the bill.

As it became clear the bill would fail, the Dow dropped as much as 700 points, before recovering to nearly 450 down.