Live blogging House bailout debate

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11:39 A.M.: Both parties trade blame and charges of partisanship. In a press conference carried live on CNN, Republican Rep. Eric Cantor blames House Speaker Nancy Pelosi for the defeat of the bailout, saying she set a partisan tone during the debate that offended Republicans and that she failed to deliver enough Democratic votes. Earlier, CNN reported that Democratic Rep. Barney Frank had blamed Republicans for the bill’s failure, saying future bailout efforts are ‘up to the Republicans.’

11:36 A.M.: The Los Angeles Times reports that the White House lobbied Republicans right up until the vote, in an ultimately unsuccessful effort to overcome Republican objections to the bailout: ‘Right up until the roll call, [President] Bush, [Dick] Cheney and [Henry] Paulson and industry groups called skeptical members of the president’s party. Deputy White House Press Secretary Tony Fratto said they worked one-by-one through a list of potentially recalcitrant Republicans, seeking to answer their complaints.’

11:33 A.M.: House Minority Whip Roy Blunt, the Republicans’ top vote-counter in the House, tells a news conference that he miscounted -- he believed Republicans had a dozen more votes for the bailout than they really did. He blames ‘partisan discussion’ for the failure of the bill.

11:31 A.M.: Deidre Walsh, a CNN producer who was inside the House chamber during the vote, describes the final moments before the bailout failed. Walsh reports House Speaker Nancy Pelosi shook her head, and the House fell unusually silent when the gavel came down indicating the vote was over. Walsh called it ‘an unbelievably extraordinary moment,’ unlike anything she had ever seen on the House floor.

11:13 A.M.: The Los Angeles Times reports the bailout has failed in the House.

11:08 A.M.: CNN, reading wire copy live on air, reports the bill has been defeated in the House. Some confusion evident on the House floor. The Dow industrials fall 616 points. CNN had earlier pointed out that a Dow sell-off of this magnitude ‘is not a crash.’

11:03 A.M. Tally unchanged, 226 against, 207 for. Fox reporter: ‘The arm-twisting goes on, this is not a done deal.’ The bulk of the bailout opposition is coming from House Republicans.

11:00 A.M.: Tally unchanged: 226 against, 207 for. Voting remains open. 217 votes are needed to pass the bailout.

10:57 A.M. Dow is down 468 points. Tally unchanged: 226 against, 207 for.

10:54 A.M.: Tally unchanged: 226 against, 207 for. Fox News anchor observes, ‘It looks like, for the time being, the $700 billion bailout has failed in the House.’ Voting, however is still open; members of the House can change their votes. The bailout has not yet failed.

10:52 A.M.: Dow industrials bounce off their lows, now down 399 points.

10:51 A.M. One arm has been successfully twisted. One ‘no’ vote switches to a ‘yes,’ the tally is now 227 against, 206 for.

10:49 A.M. 228 against, 205 for, one not voting. Among Republicans, the bailout is failing by a 133-65 vote; Among Democrats, it is favored by 140, opposed by 95. Voting is not yet final. Much discussion on Fox News of whether leadership can twist enough arms to change the outcome.

10:47 A.M. 228 against, 205 for, one not voting. These are not yet final votes. The Dow is down 503 points.

10:46 A.M. 224 against, 202 for. Voting remains open, these are not final tallies.

10:45 A.M. Dow industrials plummet 600 points as bailout vote continues.

10:44 A.M.: 213 against, 192 for.

10:42 A.M.: 201 against, 185 for.

10:41 A.M. 180 for, 171 against.

10:39 A.M.: A Fox News analyst raises the possibility that the 15-minute time limit on voting may be extended, noting that in close votes in the past it has been extended for up to 3 hours.

10:38 A.M.: 155 for, 148 against.

10:36 A.M.: 136 for, 139 against.

10:35 A.M. PDT: 126 for, 119 against.

10:33 A.M.: 117 for, 98 against. Fox News anchor Brit Hume, covering the vote tally, calls the bill ‘wildly unpopular.’

10:30 A.M.: Updated tally: 108 for, 74 against. Among Democrats 78 for, 31 against; Among Republicans, 30 for, 44 against).

10:27 A.M.: Early voting: 93 for, 59 against.

10:26 A.M.: The 15-minute voting period begins.

10:25 A.M.: Majority Leader Hoyer: ‘The people, by an overwhelming majority, have asked us to act.’ He notes, however, the people have not specifically asked the House to act by passing the bailout. Hoyer wraps, debate is over at 10:26 A.M.

10:24 A.M.: Majority Leader Hoyer: ‘The alternative is nothing and that is not acceptable. ... We are doing our best to forestall ... a disaster.’

10:21 A.M.: Majority Leader Steny Hoyer, arguing for the bailout, tells the House it will likely cost far less than $700 billion, saying CBO does not believe the price tag will be anywhere near $700 billion.

10:19 A.M.: Majority Leader Steny Hoyer reminds House, just prior to vote, that both presidential candidates favor the bailout. ‘With this bipartisan rescue plan, I am hopeful ... that we will prevent the worst-case scenario.’

10:18 A.M.: Majority Leader Steny Hoyer of Maryland, making final appeal for the bailout: ‘This is a day of consequence for the American people. ... None of us is an island. We’re all bound together in boom or bust.’ Warns of coming foreclosures and bank failures if Congress doesn’t act.

10:15 A.M. PDT: Minority Leader John Boehner: ‘I believe that Congress has to act. These are the votes that separate the men from the boys and the girls from the women. ... I believe it’s in the best interests of our country today to vote for this bill ... to keep ourselves from the brink of an economic disaster.’

10:13 A.M. PDT, Rep. Barney Frank, chief House author of the bailout, makes a final appeal for the bill, asking the House, ‘Please don’t throw it out.’