Wall Street Reform Stalls in Senate
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.
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. –KA
WAIT BEFORE YOU GO...AP via Google News:
The vote was 57-42, three votes shy of the 60 needed to pass. Three Democrats joined 39 Republicans in voting against the measure. Among them was Senate Majority Leader Harry Reid, who switched his vote from yes for procedural reasons. Reid said he’d seek a new vote Thursday.
[…] The legislation would set up a mechanism to watch out for risks in the financial system, create a method to liquidate large failing firms and write new rules for complex securities blamed for helping precipitate the 2008 economic crisis. It also would create a new consumer protection agency, a key point for President Barack Obama.
Republicans this week have escalated their attacks on the legislation, arguing the bill had grown worse and did not address root causes of the 2008 financial meltdown.
The Democratic majority, said Senate Republican leader Mitch McConnell, “uses this crisis as yet another opportunity to expand the cost and size and reach of government.”
While the bill appears ultimately headed for final passage, Wednesday’s vote put the end game in question, including the fate of several contentious amendments that remained unresolved.
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The veteran politician was first elected to the U.S. Senate to represent Pennsylvania in 1980. He spent 30 years in the upper house, making him the longest-serving senator in the state's history.
The 111th Congress produced some real eleventh-hour gains for the Obama administration, and by extension the president's party, but some Democrats, such as Sen. Harry Reid and outgoing Sen. Arlen Specter, aren't ready to get over some of the biggest partisan clashes of the last two years.
Tuesday’s election results were pretty good for progressives. The retirement of that windbag chameleon Sen. Arlen Specter is long overdue, and pro-labor forces were able to push Sen. Blanche Lincoln into a runoff in Arkansas. Even the big tea party win in Kentucky has its bright side.Count me as one lefty liberal who is not the least bit unhappy with the victory by Rand Paul in Kentucky’s Republican primary for the U.S. Senate.
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