Dems Ready to Rumble on Wall Street Reform, GOP Threatens Filibuster
April 26, 2010
(ChattahBox)—A showdown on Wall Street reform between Democrats and Republicans is set to take place in the U.S. Senate chamber on Monday at 5:00 p.m. Republicans led by Minority Leader Mitch McConnell (R-KY) are threatening to filibuster the procedural vote to allow the bill to come to the floor for debate. But with the wind at his sails bolstered by strong public approval for a financial overhaul, Sen. Majority Leader Harry Reid (D-NV) is not concerned with GOP obstructionism in this instance. If Republicans block reform, they will cement the narrative that GOP senators are doing the bidding of special interests. And Democrats can bring the bill back to the floor at a later time, with a bipartisan deal.
Appearing on the Sunday talk shows, Sens. McConnell and Richard Shelby (AL) both said that the GOP caucus intended to vote no on Monday’s cloture vote, unless a last-minute deal could be struck.
According to the Washington Post, a 5.00 p.m. senate showdown is likely:
“Senate Republicans said Sunday they plan to block efforts to move forward with an overhaul bill unless Democrats alter central elements of the legislation. Meanwhile, Democrats and Obama administration officials spent much of the day finalizing strict new rules to rein in the huge derivatives trade, including measures that could threaten profits at some of the biggest banks. Despite optimism on both sides that a bipartisan compromise will emerge, the lack of a deal has increased the chances of at least a temporary showdown between the two parties.Democrats need support from at least one Republican to reach the 60 votes required to overcome a filibuster and proceed with formal debate on the bill. Republicans angling for changes do not appear ready to relinquish that bargaining chip.”
You can watch the fireworks live on C-SPAN2 on television, or streaming live online.