-LRB- CNN -RRB- -- Sen . Barack Obama blasted Congress for not passing a financial rescue package Monday , while Sen. John McCain 's campaign accused Obama and Democrats of putting `` politics ahead of country . '' The House of Representatives rejected a $ 700 billion plan to bail out the financial system , putting a roadblock in front of the largest government intervention in the market since the Great Depression . The bill failed by a vote of 205 to 228 , with 140 Democrats and 65 Republicans voting in favor and 95 Democrats joining 133 Republicans against . `` This is a moment of national crisis , and today 's inaction in Congress as well as the angry and hyper-partisan statement released by the McCain campaign are exactly why the American people are disgusted with Washington , '' the Obama-Biden campaign said in a statement released shortly after the vote . The statement went on to say that every American `` should be outraged that an era of greed and irresponsibility on Wall Street and Washington has led us to this point . '' Watch more on the vote '' Also after the vote , McCain touted his role in last week 's negotiations on the bailout bill . `` I laid out principles '' including `` responsible oversight , '' transparency and a cap on so-called golden parachutes -- the big bonuses Wall Street CEOs would receive despite their involvement in the economic crisis , he said from Des Moines , Iowa . `` I worked hard to play a constructive role . '' He said he was satisfied with the way the bill was written , though `` it was n't perfect . '' Earlier , McCain 's campaign accused Obama and Democrats of injecting politics into the American economy . `` From the minute John McCain suspended his campaign and arrived in Washington to address this crisis , he was attacked by the Democratic leadership : Sens. Obama and -LSB- Senate Majority Leader Harry -RSB- Reid , Speaker Pelosi and others . `` Their partisan attacks were an effort to gain political advantage during a national economic crisis . By doing so , they put at risk the homes , livelihoods and savings of millions of American families , '' Doug Holtz-Eakin , a senior policy adviser for McCain and his running mate , Alaska Gov. Sarah Palin , said in a statement . `` Barack Obama failed to lead , phoned it in , attacked John McCain and refused to even say if he supported the final bill . ... This bill failed because Barack Obama and the Democrats put politics ahead of country , '' Holtz-Eakin said . Republicans and Democrats blamed each other for the failure of the bill , which President Bush had urged Congress to approve . Obama had earlier Monday spoken with Treasury Secretary Henry Paulson , Speaker of the House Nancy Pelosi and congressional leaders . Watch Pelosi say Democrats ` delivered ' '' McCain and Obama had both said Sunday that they would probably vote for the legislation , as long as it included some key principles they had pushed for . McCain announced last week he was `` suspending '' his campaign events to focus on the financial crisis , but Democrats accused him of pulling a political stunt . iReport.com : Do you support a Wall Street bailout ? The economy has dominated the campaign trail this month , and both candidates have been trying to convince voters that they will do a better job of getting the financial crisis under control . Earlier Monday , McCain told voters that Obama is n't being honest about his tax votes and said the Democrat is `` always cheering for higher taxes . '' iReport.com : Share your stories from the campaign trail In response , the Obama campaign called McCain 's remarks `` false attacks '' and an `` angry diatribe . '' `` Two times , on March 14 , 2008 , and June 4 , 2008 , in the Democratic budget resolution , he voted to raise taxes on people making just $ 42,000 per year . He even said at the time that this vote for higher taxes on the middle class was ` getting our nation 's priorities back on track , ' '' McCain said at a rally in Columbus , Ohio . `` Then something amazing happened : On Friday night , he looked the American people in the eye and said it never happened . My friends , we need a president who will always tell the American people the truth , '' McCain said . McCain said a vote for Obama would `` guarantee higher taxes , fewer jobs and an even bigger federal government '' and charged that `` these policies will deepen our recession . '' Watch McCain slam Obama on spending '' Shortly after McCain finished his speech , the Obama campaign accused the Arizona senator of lying . `` Sen. McCain 's angry diatribe today wo n't make up for his erratic response to the greatest financial crisis of our time . John McCain knows that the budget he 's talking about did n't end up raising taxes on a single American , and the lie he told the American people today is all the more outrageous a day after he admitted that his health care plan will increase taxes on some families , '' Obama campaign spokesman Tommy Vietor said . In McCain 's speech , the Republican presidential candidate was referring to votes on a resolution -LRB- Senate Concurrent Resolution 70 -RRB- meant to outline the Senate 's budget priorities through 2013 , but the measure had no practical effect . According to a CNN review of the resolution , it assumes that most of the 2001 and 2003 tax cuts pushed by President Bush will expire in that time , which McCain says amounts to a tax increase . Obama and his running mate , Sen. Joe Biden , voted `` yes '' on the resolution . McCain did not vote . However , the Democrats offered their own cuts in the 48-page resolution , which called for several tax cuts and breaks , including rolling back the alternative-minimum tax and the so-called `` marriage penalty . '' According to an analysis by the independent Tax Policy Center , the tax plan Obama has proposed during the campaign would increase taxes in 2009 on the wealthiest 20 percent of households , while offering tax cuts for the other 80 percent . Meanwhile , as Obama and McCain continue campaigning this week , their running mates will be focused on their upcoming debate . Palin and Biden face off Thursday in St. Louis , Missouri , in the only vice presidential debate of the election season . After McCain 's rally , Palin headed to McCain 's ranch near Sedona , Arizona , for what a top aide calls `` debate camp . '' Palin has already spent four days hunkered down in a Philadelphia hotel for debate prep with advisers . Biden was preparing for the debate in Delaware on Monday . CNN 's Dana Bash and Alexander Marquardt contributed to this report .