Before the Vote, What Were Lawmakers Saying?

The House defeated a $700 billion emergency rescue package on Monday, ignoring pleas from President Bush and congressional leaders to bail out the financial industry. Watch the accompanying videos to hear what lawmakers were saying before it was rejected:

Behind the Bailout Plan

“What we can do—as members of Congress who are going to be supporting this package—is that we intend to go out there and explain very clearly why this was necessary, and what the cost of this action would be. We made significant changes [such as] getting rid of the golden parachute, greater accountability, making sure that the taxpayer had a much better stake in this….”

—Rep. Chris Van Hollen, D-Maryland, DCCC Chair

Bailout Plan Latest

“We worked through the weekend, the president spoke this morning, this bill has been something we’ve worked very hard on. Everybody believes there is a real crisis—the Democrats, the Republicans are trying to stabilize the economy so that the average working people in America do not see themselves fall deeper into the recession, or find their credit drying up. This is an attempt to stem the crisis.”

—Rep. Steny Hoyer, D-Maryland, Majority Leader

Lawmakers on the Bailout Plan

“I’ll be voting no. The bill you have today is not much different from five days ago or last week. It’s still a $700 billion bailout that does not really get to the root cause or the fundamentals, and really the Secretary has said from day one that he is not going to consider any of the alternatives….”

—Rep. Scott Garrett, R-New Jersey, Financial Services Committee

“It will be an up or down vote and that’s the best way to take it, in this case. I think it’s going to pass, but I have some concerns about it. I think that before closure information in here is not sufficient enough.”

—Rep. David Scott, D-Georgia, Financial Services Committee

Bailout Battle Nears End

“I am usually for free enterprise and don’t like to see government involvement, but this is a vote where I’ll vote yes because I believe this is the right thing for the country. This is one of those times when I think we should rise for our country. This is a rescue for our country, not just Wall Street. This is something that will affect every citizen.”

—Sen. Bob Corker, R-Tennessee, Senate Banking Committee Member

“I intend to support it. I’ve urged my colleagues to do the same. This is an attempt to save the nation from a financial collapse, it’s not just about what’s going on in Manhattan, it’s already impacting franchises, merchants, farmers and Main Street businesses.”

—Rep. Adam Putnam, R-Florida, Republican Conference Chairman

House Vote Imminent

“Absolutely, [I’d vote for the bill]. I do [think it will pass]. I think failure to pass for it would bring about a much greater political downside than passing it, even though our phones are ringing off the hook against it. But once [average Americans] realize that the impact of this will hit them, they will understand that we have to do this.”

—Sen. Robert Bennett, R-Utah, Joint Economic Committee Member

More From CNBC.com

• House Rejects Measure To Rescue Financial Markets
• Dow Down 500 Points as House Rejects Bailout
• Investors Swarm Bonds as House Rejects Bailout