My guess about the vote gotten turned down is the "small fact" that there is an election in November and who wants to take a hard decision that half of his/her voters will hate? That sure is a great way to kill your chances in the upcoming elections.
I personally think that there really NEEDS to be a bailout and if not then I guess the whole world is in serious trouble.
my 5 eurocents from a European pov.
Yes I agree. allot of Senators & Reps. that voted NO on the Bail Out said they did so because they are all in tight Races and their Constituates said NO WAY so they voted no, if there was no election this year, the results would have been different