The U.S. House of Representatives has voted 228-205 against a bill that would provide a bailout for banks. The bailout plan had been pushed by President George W. Bush who is "disappointed" by the decision.

"There's no question that the country is facing a difficult crisis that needs to be addressed," said spokesman Tony Fratto.

Bush is said to be meeting with members of his staff on what to do next.

The bailout proposal is extremely unpopular with American voters who aren't interested in bailing out fat cat bankers while their own mortgages are under water.

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