(CNN) – What began as high-stakes negotiations over the proposed $700 billion bailout of the nation’s financial system dissolved into bickering, begging and a roiling battle between parties Thursday night.

One day after President Bush said the nation’s economy is at grave risk, lawmakers argued over competing counterproposals and wound up without any apparent financial bailout deal on the table.

Even Treasury Secretary Henry Paulson got down on one knee to half-jokingly beg Speaker Nancy Pelosi and other Democratic leaders not to go to the television cameras and blast the failed negotiations, according to two senior Democratic aides.

Excuse me while I go barf!