While the Senate did not vote on the bailout, Hatch praised those who helped kill it in the House. "It's clear the proposal put before the House did not meet the criteria demanded by the American people — which is to protect taxpayers. Most Utahns agree we need to deal with the ominous storm forming over our economy without flooding the taxpayer with bad debt."

But, Hatch said, "Congress must now fashion a targeted proposal to save pensions, retirement accounts and jobs without putting the federal budget at risk for years to come."

Cannon defended his vote for the bailout, saying, "I thought this bill was necessary to get our frozen economy back on track. But with the failure of this bill, it's now up to the market to get itself where it needs to be."

Cannon added, "Obviously, I am hopeful that it happens (the market making corrections) so that banks and credit unions have the ability to continue lending. A cratering of the market is not good for anyone, Main Street or Wall Street, so we will have to watch and see what happens from here."

Bennett called for reworking the bailout. "While most Americans are not responsible for creating this problem and are understandably upset they are being asked to step in, I am convinced that not acting is not an option," he said.

"The crisis remains," Bennett said. "We must act urgently so Americans will be able to collect their paychecks, operate their small businesses and get mortgages and student loans. ... We must work to pass a financial rescue package that contains strict oversight while giving the secretary of the treasury the authority needed to prevent a meltdown and minimize the risk to taxpayers."

The bill died on a 228-205 vote. Democrats favored the bailout on a 140-95 margin. Republicans opposed it by a 133-65 margin.

The bailout failed even though it was supported by President Bush, Barack Obama, John McCain and leaders of both political parties in both houses of Congress.

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E-mail: lee@desnews.com