Many council members have deemed the failure of the referendum a major defeat, after having invested a great deal of time and energy into supporting its passage.

Every presidential candidate supported the term bill increase.

Council Secretary James R. Griffin '02 organized a postering campaign to canvass the Yard with pamphlets supporting the increase.

Seton went door to door in the Yard to urge first-years to vote for the measure.

"In the end the term-bill failed because we asked people to spend more of their own money, and that's a very difficult thing to pass," Seton said.

The failure of the term-bill increase means the council's finances will be further complicated by inflation.

This year, the council was able to balance its budget because of a $25,000 windfall, part of an infamous $40,000 it found tucked away in a bank account earlier this year. Next year, Seton said, it is unlikely they will be so fortunate.