Just in from WSJ. More as it becomes available.

UPDATE FROM FOXNEWS:

Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source.

“Pelosi’s partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill,” the source said.

Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the “failed economic policies” of the last eight years.

“When was the last time someone asked you for $700 billion?” she asked. “It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies — policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.”

It is beyond audacity that Pelosi would try to blame the GOP for the meltdown. The meltdown was caused by Democratic party’s demands that subprime loans be made available by the banking system. The GOP and the President have tried repeated to increase oversight and regulation of Fannie and Freddie only to be rebuffed by the Democrats in Congress.

Here are links to our previous posts on this matter of who is responsible…

Easy-to-Understand Video Explanation of What and Who Caused the Financial Meltdown (video embed)

Democrats prevented Bush overhaul of Fannie and Freddie back in 2003 (NY Times)

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