Republicans Form United Front Against Financial-Reform Bill; Obama Tells Them to Shove It


All 41 Republican senators scribbled their names on a letter to majority leader Harry Reid yesterday asking him to change everything they hate about the Democrats’ financial-reform bill and adopt something more bi-partisan. And of course, if the GOP doesn’t get its way it plans to filibuster, thereby preventing debate on the bill and potentially keeping any type of reform from passing before the midterm elections. The GOP’s main complaint is that the Dems’ bill encourages future taxpayer bailouts of Wall Street firms by establishing a $50 billion fund to deal with firms that fail in the future.

In his weekly radio address today, President Obama slapped down that claim, accusing minority leader Mitch McConnell of making a “cynical and deceptive assertion that reform would somehow enable future bailouts — when he knows that it would do just the opposite.” The funny thing is that Obama agrees with Republicans. He doesn’t want the bailout fund in the bill, either. But you know Democrats and Republicans, even when they agree they can find a way to fight about it.

Senate Republicans Band Together in Opposing Financial Bill [Caucus/NYT]