U.S. lawmakers in the House of Representatives on Monday voted against the biggest proposed government intervention in the U.S. economy since the Great Depression of 1929.

Government officials, Treasury chiefs and political leaders from both sides of the political divide thought they had agreed Sunday on the details of a $700 billion rescue plan that would prop up the nation's ailing financial system -- and be supported in the House of Representatives.

As it became apparent the vote was lost, the Dow plunged and closed about 690 points down.

Republicans and Democrats blamed each other for the result -- 205 to 228 against the bailout.

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