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Friday, April 23, 2010

Harry Reid Schedules Monday Afternoon Wall Street Showdown

Democrats in the Senate are planning to bring their Wall Street Reform bill up for consideration as early as late Monday afternoon, despite it being unclear whether or not they have the votes to open consideration. But that may be by design. It appears they may be hoping the vote fails so they can spend the rest of the year hammering Republicans for not supporting reform of Wall Street:

The Senate has scheduled a showdown early next week on Wall Street reform, and lawmakers familiar with negotiations say a deal is unlikely by then.

Democrats have set a 5 p.m. vote for Monday to begin consideration of the bill, giving negotiators only four more days to reach a deal on a document exceeding 1,400 pages.

Senate Banking Committee Chairman Chris Dodd (D-Conn.), who has led the negotiations with Sen. Richard Shelby (Ala.), the ranking Republican on Banking, said a final deal was unlikely by then.

“To suggest we’re somehow going to come out and say — two senators and maybe some others — ‘This is the bill’ is probably unrealistic,” Dodd said.

A senior Democratic aide said a failed vote would benefit Democrats politically in a tough election year because Republicans would have to defend their decision to block regulation of big banks that caused the recession.

“The Republicans don’t have the cards on this one,” said the aide. “We’ll be able to hit them the rest of the year on this.” . . . MORE


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