WASHINGTON - The House yesterday rejected the Bush administration's $700 billion bailout package by a vote 228 to 205, stunning proponents of the measure and triggering huge losses in the markets after the Treasury earlier in the day detailed and opened its $50 billion temporary federal guaranty program for money market funds.

The Treasury program, which was announced Sept. 19, is designed to prevent runs on money market mutual funds as investors seek greater safety amid the credit and liquidity crisis gripping financial markets.

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