HOUSTON -- Only one Houston-area congressman voted for a $700 billion bailout bill for the financial sector, KPRC Local 2 reported Tuesday.

U.S. Rep. Kevin Brady, of The Woodlands, said he voted yes because fast action is needed.

"This isn't a bill I liked. In fact, it goes against everything I believe in. But, the alternative of not acting is far worse because we are in a severe financial crisis," he said.

The bill's failure to pass sent the stock market into a tail spin, resulting in the largest single day's loss in history and wiping out over $1 trillion in wealth.

But U.S. Rep. Ted Poe said he believes the market will rebound and that passing the bailout would have been worse.

"This bailout was a sellout to the American public. The American public is supposed to pay for the bad gambling debts of Wall Street fat cats? I think not, and that's why it was defeated," Poe said.

But about two-thirds of House republicans bucked their party's leadership to vote against it, including local Reps John Culberson, Michael McCaul, and Ron Paul, as well as Poe.

All of Houston's Democratic congressmen refused to sign on as well.

U.S Rep. Gene Green said he did not get a single call in favor of the bill.

"We had people who made millions and millions of dollars driving their mortgage companies and investment banks into the ground and why should taxpayers bail them out?" he said.

Congress is already trying to hammer out a new compromise proposal -- one likely to include raising the federal insurance limit on bank deposits from $100,000 to $250,000.