61 41 Republicans in the Senate have now signed a letter threatening to block consideration of Wall Street reform unless the Democrats, who have been trying for months without success to work with Republicans to craft a bipartisan bill, agree to work with Republicans to craft a bipartisan bill that consists only of provisions Republicans like.
I’m surprised that McConnell could pull this off; I doubt Snowe, Collins, or above all Brown really wants to vote to sustain a filibuster of a bill to rein in Wall Street excesses. If push comes to shove, one of them is likely to defect. But if the Republicans want to prevent the passage of any financial reform and let the question of whether to get tough on bankers be an issue in November, that’s OK with me. And I bet it’s OK with Reid, Pelosi, and Obama as well. The Goldman Sachs
indictment securities-fraud case is surely not the only one we’ll see between now and Election Day.
If I were Reid, I’d just tell McConnell that I’m planning a cloture vote once a week until someone cracks. This looks like a no-lose proposition to me.