From Illinois, Rep. Phil Hare, D-17th District, and Rep. Bill Foster, D-14th District, voted in favor of the bill. Democrat Rep. Bruce Braley of Iowa's 1st District, voted against the bill.

The bill was defeated 228-205, with more than two-thirds of Republicans and 40 percent of Democrats voting against the emergency bailout hammered out by President Bush and House and Senate leaders over the weekend.

In a news release, Rep. Hare expressed regret that the measure didn't pass.

“It was not a gift or a blank check," he said of the bill. "It provided the federal government the authority to loan money to certain financial institutions so they could resume lending to ordinary Americans. This would have allowed more families to afford their homes, cars and tuition payments and enabled our farmers to continue buying equipment, seed and fertilizer.

“Now it is imperative that we go back to the drawing board and craft new bipartisan legislation that protects Main Street from Wall Street."

Rep. Braley said it was the concerns of Main Street and the middle class that kept him from voting for the bill.

“I have no doubt that action must be taken to stabilize our financial markets, protect American taxpayers, and rebuild our economy," he said in a statement after the vote. "This is the wrong approach.

"Working families should not be forced to foot the bill for Wall Street’s mistakes, without stronger language to protect their interests. While putting taxpayers on the hook for nearly a trillion dollars, the bill provides insufficient protection against abuses by the Secretary (of treasury), fails to guarantee a return on taxpayer dollars, and provides no direct help for middle class families"