Excerpt
With political pressure mounting, Senate Republicans relented on Wednesday and agreed to let Democrats open debate on legislation that would impose the most far-reaching overhaul of the nation’s financial regulatory system since the aftermath of the Depression.
The decision by Republicans to allow floor deliberations came after they voted three days in a row to block the bill, and it suggested that they saw political peril in being depicted as impeding tougher rules for Wall Street.
But Republicans still oppose many aspects of the bill, and a rough floor fight lies ahead.
Senate Republicans control enough votes to filibuster the bill and prevent it from being adopted.
President Obama praised the shift in the Senate at a rally in Quincy, Ill., and later in a rare chat with reporters on the plane back to Washington. “I want to work with anyone, Republican or Democrat, to move this legislation,” Mr. Obama said at the rally, adding, “What I don’t want is a deal made that is written by financial industry lobbyists.”
Before the logjam broke, Democrats on Wednesday threatened to keep the Senate in session overnight to dramatize the Republican opposition.
Republicans said they decided to move forward after talks broke down between leaders of the banking committee and it was clear they would win no further changes before debate.
At about 6:15 p.m., the majority leader, Harry Reid of Nevada, requested the unanimous consent of the Senate to begin debate, and there was no objection from the Republican side.
“Now let’s get to work,” Mr. Reid said. “And let’s do the utmost to make the American people proud of our efforts.” He added, “Wall Street needs reforming.”
While the Republicans can still filibuster, they are at a disadvantage during floor debate given the Democrats’ 59 to 41 majority. And the decision to allow floor debate appeared to be a significant retreat by the minority, reflecting a calculation that further delay was politically untenable.
Bold emphasis mine
Ah! The light dawns on the dimwits.
If the GOP fights to prevent regulation of Wallstreet they will be even bigger loosers come November, considering the public sentiment about Wallstreet.
No comments:
Post a Comment