A bipartisan group of lawmakers in the House rejected the Bush administration’s $700 billion bailout proposal by a vote of 205-228. The Wall Street Journal calls the bill’s defeat a massive setback for the Bush administration:

The defeat came despite House leaders holding open the vote for well beyond the 15-minute time limit, supporters were unable to convince enough members of either party to switch their votes against the proposal.

The defeat is a massive setback for the Bush administration, specifically the Treasury Department, as well as lawmakers who have been working throughout the last week on the legislation in the wake of the collapse of Lehman Brothers Holdings as well as the government’s bailout of American International Group Inc. and its takeover of Fannie Mae and Freddie Mac.

A White House spokesman says President Bush is very disappointed in Monday’s House vote rejecting the administration’s rescue plan for the nation’s financial industry. "There’s no question that the country is facing a difficult crisis that needs to be addressed,” said spokesman Tony Fratto. He said the president will be meeting with members of his team later in the day "to determine next steps.” [WSJ]

Does this mean that John McCain is going to stop campaigning again?