Despite the House’s rejection of the financial system bailout bill, the White House is continuing to insist that the central elements of the legislation — featuring a $700 billion fund to buy up bad mortgages — must pass Congress.

“The core of this plan really needs to get done,” White House Deputy Press Secretary Tony Fratto said during an appearance on CNN this afternoon after the vote. Fratto said the administration continues to believe that the mechanism in the measure is the best way to deal with the crisis in the economy.

Fratto said President Bush is disappointed by the vote, indicating he will keep pushing for legislation. Bush plans to consult with his economic advisers — led by Treasury Secretary Henry Paulson — as well as with Federal Reserve Chairman Ben Bernanke and Congressional leaders to determine the next steps.