A national economic bailout bill failed Monday to pass the House of Representatives, an outcome that U.S. Rep. John F. Tierney believes stemmed from the overload of compromises contained in the proposed legislation.The Emergency Economic Stabilization Act of 2008 received 205 votes in favor and 228 against.Tierney was among the 95 Democrats to vote against the bill. Another 140 Democrats voted for it, as did 65 Republicans. One Republican congressman did not vote and remaining 133 members voted against the bill.Tierney, a Salem Democrat, said the bill contained too many compromises. “There were compromises made in this version of the bill, ostensibly to gain bipartisan support,” he said in a prepared statement. “Unfortunately, such compromises were made at the expense of key priorities – investment in helping homeowners, protections to ensure that the taxpayer will not have to absorb the full cost, and incentives to get the economy back on track.”The congressman opined that the bill can be improved, and a different approach can be taken. “We expect to continue reviewing this matter as the week progresses,” he said Monday. The House has decided to reconvene Thursday.The bill, if passed into law, would have bailed out private sector banks and investment firms at taxpayer expense. It was designed to pay out up to $700 billion to rescue the nation’s ailing economy, starting with an appropriation of $250 billion.A poll by Suffolk University and the Boston Globe found that more than two-thirds of Massachusetts residents oppose President Bush’s proposed $700 billion economic bailout plan and a majority are bracing for harder times ahead by cutting back on travel, meals and other spending.The poll results indicated only 29 percent of state residents back the bailout. Almost six in 10 said they are worried about paying their heating bills and nearly a third are worried they won’t be able to keep up with their mortgage payments.Nearly half of the Massachusetts residents surveyed say the economy will be the biggest factor in their choice for president, ahead of the Iraq war, health care and terrorism. The poll of 400 Massachusetts residents was conducted between Sept. 22 and 25 and has a margin of error of 4.9 percent.Meanwhile, Bob Barr, the Libertarian Party candidate for president, lashed out against the Democratic and Republican parties. “The leaders of both the Republican and Democratic Parties are rushing ahead with their $700 billion bill,” he said. “Without a single hearing and without considering other solutions, Congress is preparing to put the typical American family on the hook for more than $8,000. Legislators in both parties need to stand up for the American people and say no.”Barr asked rhetorically, “If bailouts are the answer, why hasn’t the $300 billion housing bailout worked? What of the $100 or more billion bailout of Freddie Mac and Fannie Mae? This bailout package doesn’t resolve the underlying problems. It merely transfers the liabilities to the taxpayers. Instead, we need to make Wall Street take the hit for its irresponsible investment decisions.”Barr said the process would be painful. “Some companies will go bankrupt. Some firms will go into receivership. Healthy companies will take over failing institutions,” he said. “Instead of bailing out banks and investors, Congress should address the causes of today’s economic mess. The first is to end government pressure for irresponsible lending. That means privatizing Fannie Mae and Freddie Mac and repealing the Community Reinvestment Act. It also means depoliticizing the nation’s money supply. The Federal Reserve cannot continue artificially inflating the money supply, which creates the illusion of a boom that is inevitably followed by a bust,” he said.