After key lawmakers felt a bailout plan agreement would be reached, talks "imploded" as the day progressed. Here's how the NY Times reports what happened:

The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support. more ›