A bipartisan effort over the weekend to craft a viable economic bailout plan did not sway enough members of the U.S. House of Representatives today, who voted 228-205 to reject the $700 billion proposal.

Congressional leaders worked throughout the weekend to hammer out a plan they believed would be acceptable. But 133 Republicans and 95 Democrats voted against the measure, reflecting strong opposition on the part of their constituents.

U.S. Reps. Judy Biggert, R-13th District, of Hinsdale; Dan Lipinski, D-3rd, of Western Springs; and Peter Roskam, R-6th District voted against the bailout plan. U.S. Rep. Bill Foster, D-14th District, of Geneva voted for the proposal.

Wall Street reacted sharply to news of the the proposal's rejection. At the closing bell, the Dow Jones Industrial Average had dropped a record 777 points.

The House is set to reconvene Thursday, though it is not clear whether the bailout plan will come up for a vote again, either in the same form or as a revised package in an effort to sway opponents.

In a statement released Monday afternoon, Roskam said he voted against the bill because it exposed taxpayers to too much risk.

“While the action is necessary to keep our economy on track, the heavy-handed push from the Bush administration and this Democrat majority places too great a burden on taxpayers with no guarantee of success,” said Roskam, whose district includes Carol Stream, Wheaton and Elmhurst.

The rescue package, which was supported by the White House and congressional leaders from both parties as well as their presidential candidates, would have allocated up to $700 billion for purchasing bad debts, which would conceivably free up banks to begin lending again.

But a number of representatives spoke out against salary packages for executives whose companies would benefit from the bailout. Restrictions on those executive compensations were among the hard-fought changes incorporated after the bill was first proposed, but for some it was not enough.

In Roskam’s statement he condemned the bill’s “watered-down aspects of executive compensation” and “insufficient use of private capital.”

Like many Roskam was traveling from Washington to his home district Monday evening and was not immediately available for an interview, a spokesman said.