NEW YORK (CNNMoney.com) -- The fate of the government's $700 billion financial bailout plan was thrown into doubt Monday as the House rejected the controversial measure.

The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options.

Stock markets reacted violently. Investors who had been counting on the rescue plan's passage sent the Dow Jones industrial average down well over 700 points. The stock gauge closed 778 points lower - nearly 7%.

Washington delivered another blow to the U.S. Economy as the financial state of affairs rests in the hands of our elected officials. Another stalemate has claimed a much needed cash infusion to the financial sector. Banks are dropping like flys and Wall Street was on pins and needles waiting for good news of the proposed $700 Billion Bailout. In lieu of the Bailout rejection in Washington, Wall Street decided to create a bailout of it's own; caveat being Wall Streets bailout created a market plunge and not the much anticipated needed rescue.

Las Vegans also await news of the Bailout in hopes one of the hardest hit foreclosure markets can keep more homeowners in their delinquent mortgages.