Senate Republicans on Monday blocked a Democratic effort to overhaul the financial system and crack down on Wall Street.Republicans blocked the democrats in moving the bill to the floor for debate. But no doubt, the bill is still getting done. Richard Shelby and Chris Dodd, who are working on the bill say so. These are just political games. This was expected, given that the republicans are the party of no. It just means that there probably will be further negotiations on the bill, something that the democrats were opposed to. Now the democrats can say that republicans stand with Wall Street and republicans can say the bill wasn't good enough for them. All fun and games, puffery and foolery if you ask me. Obama's tweet:
One Senate Democrat, Sen. Ben Nelson (Neb.), joined 40 Republicans in voting against the bill. Nelson had been pushing for a provision backed by Warren Buffett that would have largely exempted existing derivatives contracts from the bill's new rules.
Democrats seized on the party-line, 57-41 test vote to portray Republicans as standing up for Wall Street banks that helped push the economy into the worst recession since the Great Depression. The Hill
I am deeply disappointed that Senate Republicans voted in a block today against allowing a public debate on Wall Street reform to begin.John Harwood has it right: