The U.S. House of Representatives rejected the proposed $700 billion bailout of the financial sector this afternoon by a 228-205 margin. The opposition was bipartisan, with 95 Democrats joining 133 Republicans in opposing the bill.

The Minnesota delegation was similarly split on the legislation. Backing the proposal were Democrats Betty McCollum, Jim Oberstar and Keith Ellison, along with Republican John Kline. Aligned with the opposition were GOP legislators Jim Ramstad and Michele Bachmann, joined by Democrats Tim Walz and Colin Peterson.

The Crypt is live blogging developments on Capitol Hill. The Dow is down almost 600 points.