Someone is going to bear the massive cost of damage to the Gulf Coast economy, and Senate Minority Leader Mitch McConnell is out to make sure it isn’t the oil firms whose rig caused the catastrophe in the first place.
By day’s end Wednesday, our chums over at the U.S. Senate hadn’t moved much closer to the finish line in dealing with the financial regulation bill, to the chagrin of some senators and, no doubt, the satisfaction of others.
Congressional Republicans are mobilizing for an assault on President Obama’s next regulatory project: financial reform. However, Obama’s not hearing it when it comes to the GOP’s claim that the Democrats’ current bill would make it easier for big financial institutions to angle for government bailouts down the line.
Here we have yet another example of partisan politicking in action: Senate Democrats, led by Harry Reid, tossed out a jobs bill they’d created in tandem with Republicans and produced a trimmed-down alternative at the eleventh hour. This did not please their former collaborators from the GOP ... (continued)