Monday, May 17, 2010

Financial reform is an issue of unique agreement

This is strange. The financial reform bill has moved through the upper chamber with no GOP filibusters whatsoever. Many of the amendments, such as the Audit the Fed measure, have garnered near universal backing. The amendment in question passed the Senate 96-0. This is unheard of. During the health care debate, amendments were filibustered just to slow down the process. Furthermore, the bill has become more and more liberal as it has passed through the upper chamber. The health care and climate change bills, in contrast, become significantly more conservative when moving through the Senate. This is true of most legislative proposals. So my question is, what has changed?

The atmosphere certainly has not changed. Republicans are emboldened by the Democratic Party's dropping poll numbers and have been opposing Obama's agenda more than ever. I think the difference is the issue. The public is extremely angry over the greed of wall street, and headlines saying the GOP is obstructing wall street reform don't fly very well. Harry Reid made a uniquely good calculation by forging ahead without Republican votes. Earlier this month, when the motion to begin debate came up, the Republicans filibustered a total of three times before breaking. It seems the "liberal" media won them out once again.

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