It looks like it’s back to the drawing board on the proposed $700 billion taxpayer bailout for Wall Street.

The U.S. House of Representatives rejected the bailout bill Monday afternoon on a vote of 205-228 – 12 votes short. The bill was slated for a 15-minute vote, but stretched on for more than 30 minutes as leaders in the House scrambled to try and drum up support for the bill.

The bill drew no votes from nearly two-thirds of the Republicans in the House and approximately 40 percent of the Democrats.

The bill failure drew intense reaction on Wall Street as stocks plunged more than 700 points following the vote. After up and down trading in the hours that followed, at the closing bell, the Dow Jones Industrial Average closed down nearly 778 points. The nearly 7 percent drop amounts to the worst one-day decline in the average in history.

Trucking sector stocks were down overall with Covenant and JB Hunt taking the biggest hits, down more than 8 percent and 7 percent respectively for the day.

It’s now unclear what the next step will be. However, in response to the bill’s failure, the president vowed to contact Congressional leaders to resume talks on addressing the economic crisis.