After a series of often quite impassioned speeches on the House floor, the bailout bill just went to a vote, and has lost.
Leadership had hoped all week to get 100 yes votes from each side of the aisle. It looks like only 60+ Republicans will end up voting for; they are running 2-to-1 against. Democrats couldn't make up the whole difference.
Big question now, whether they can salvage something quickly for another try today; otherwise the effects will be swift and harsh -- the Dow is already plunging.
Update: The Democrats are holding open the voting (one member not casting a vote yet), desperately trying to get members to switch. They would need 11 to flip, I believe.