The plan failed 205-228, splitting largely along partisan lines in South Florida: Democrats Kendrick Meek, Debbie Wasserman Schultz, Alcee Hastings, Ron Klein, Tim Mahoney and Robert Wexler backed the bill.
Republicans Lincoln and Mario Diaz-Balart and Ileana Ros-Lehtinen voted against it.
Democrat Kathy Castor of Tampa voted against the bill, however,
After thoughtful consideration and review, saying it didn't "provide sufficient help to middle-class families in the housing squeeze or taxpayer protections."
Klein called it an "undesirable, but essential, plan to stabilize our financial system and get our economy back on track."
White House spokesman Tony Fratto said President Bush was "very disappointed" with the vote, but fellow GOP'er Ros-Lehtinen said it "had a sky high price tag and did not address the needs of our hard-working middle class families who are struggling to make ends meet."