Wall Street Reform fails to garner 60 votes needed to end debate

In what is possibly a sign of trouble to come, Senate Democrats have failed to achieve the 60 votes needed to move their "Wall Street reform" bill. The opposition comes from both the left and right, though it is widely expected the measure will gain the 60 votes needed to move it to conference once the differences have been settled between various senators and the leadership. Those voting "no" on the cloture motion but expected to votes "yes" eventually include Russ Feingold (D-WI), Maria Candwell (D-WA), and Scott Brown (R-MA). Chuck Grassley (R-IA) and George Voinovich (R-OH) are both considered gettable votes based on previous statements they have made regarding the bill. Additionally, Olympia Snowe (R-ME) and Susan Collins (R-ME) both voted to end debate.

What Christopher Dodd (D-CT) said earlier this month, that financial reform has been a uniquely non-partisan issue, seems likely to be true. The Senate Republicans who are considered in play are all considered fairly moderate, and most have a history of supporting the Obama Administration on key issues. The bipartisan support for this bill stands in contrast with statements John McCain and Lindsay Graham made earlier this year, which indicated bipartisanship would be dead for the remainder of the 111th congress because of the health care debate. Clearly it is not. These moderate Republicans in the senate may be what is left of the once noble GOP who knew how to compromise and did what is right for the country.

In contrast with these moderate GOP voices, Mitch McConnell blasted the "government takeover" of the financial industry. We have heard this argument repeated for every single controversial piece of legislation which has come up these last two years. It is one thing to be prudent about spending, it is another to not want anything done at all. The fact of the matter is, Mitch, you were elected to the United States government. Any decision you make is a government intervention. If you want so little government intervention, go work for a multinational corporation.

Update: The Senate has now passed the measure on a vote of 69-39. Chuck Grassley, Arlen Specter and Scott Brown joined the Senators previously supporting the measure. The measure now moves to conference committee with the House where the differences will be reconciled in the coming weeks.