Barack Obama

Politicians And Regulators Tread Lightly Around JP Morgan Debacle

Brian Beutler | May 15, 2012, 5:00AM

Occupy Wall Street protesters outside a GOP event in Manchester, NH. January 07, 2012

The revelation that banking giant JP Morgan lost $2 billion making risky bets with depositor funds is only four days old, but early indications suggest that the financial industry's capture of American government successfully weathered the 2008 crisis, with nearly all the political and regulatory players invested in the consequences of this latest debacle treading lightly around the questions it raises.

It has, however, re-energized outside advocates of strengthening financial reform -- including a certain high-profile Senate candidate -- and left those who favor repealing the 2010 Dodd-Frank Wall Street reform law in an untenable position.

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Payroll Tax Cut

Corker Realigns With House GOP On Payroll Tax

Brian Beutler | December 21, 2011, 5:05PM

After suggesting House Republicans throw in the towel Wednesday morning on CNBC, Sen. Bob Corker (R-TN) is now reaffirming his original view: that though he thinks the payroll tax cut is bad policy, it's up to Senate Dems to agree to negotiate a compromise with the lower chamber.

"As I said yesterday, the Senate should come back into session and take both bills to conference to produce better legislation that reflects the will of the House and Senate," Corker said in a Wednesday afternoon statement. "While I continue to believe a payroll tax holiday is poor public policy, since we all know this is going to happen in some form or fashion, let's get this resolved now and move on to measures that give clarity and predictability for the long term like tackling tax reform which eliminates loopholes, lowers rates and broadens the base, reforming our entitlement programs so they are here for the long term and finally having the discipline to deal with our country's out of control deficit."

Payroll Tax Cut

Another GOP Domino Falls In Payroll Fight After WSJ Cries Uncle

Brian Beutler | December 21, 2011, 9:57AM

Just days ago, Sen. Bob Corker (R-TN) said he opposed renewing the payroll tax cut on any basis and has voted against both GOP and consensus legislation to do so.

That was before the conservative editors of the Wall Street Journal stepped into the middle of the brawl and pointed out the obvious -- the infighting is killing the GOP. Wednesday morning, on CNBC, he called on House Republicans to hold their noses accept the two month Senate compromise.

"Both Republicans and Democrats have agreed that this is going to happen and probably the best thing to happen now is just to get it over with -- one more policy blunder-- but just get it over with and move on because now it's been framed as a tax increase which it's not," he said.

"I know what's going to happen and I agree with the editorial this morning in the Wall Street Journal," Corker went on. "Probably the best thing to do at this point is just get this behind us and move on and hopefully figure out a way to deal with the real issues that our country needs to deal with."

Government Shutdown

Senate Averts Government Shutdown Threat, Funds FEMA

Brian Beutler | September 26, 2011, 6:40PM

Senate Majority Leader Harry Reid (D-NV)

The threat of a government shutdown, and the possibility that FEMA will run out of money this week, will both be averted, thanks to some clever accounting and the GOP's lack of will to keep holding disaster relief funds hostage to budget cuts.

On the Senate floor late Monday, Majority Leader Harry Reid (D-NV) announced an agreement by which the Senate (and presumably the House) can dispense with all the sturm und drang about offsetting disaster aid and pass legislation that will keep the entire government -- including FEMA -- open after September.

The measure passed 79-12.

What ultimately broke the impasse was FEMA's announcement Monday that it won't run out of funds early this week -- a presumption House Republicans had hoped would force Senate Democrats to accept a partisan budget cut, on the threat that disaster victims would otherwise be deprived of assistance for days or even weeks.

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Debt Ceiling

Democrats Eye Potential GOP Supporters Of Reid's Debt Limit Bill

Brian Beutler | July 29, 2011, 4:38PM

Senate Majority Leader Harry Reid (D-NV)

John Boehner's debt limit bill, dead-on-arrival in the Senate, is on autopilot for passage in the House this evening. If as expected he sends it over to the upper chamber to be killed, he will actually speed up the process by which the Senate can pass its final debt limit bill, for parliamentary reasons outlined at the bottom of this post.

So the great guessing game in the Capitol right now is figuring out 1). Which Republican Senators will ultimately support Harry Reid's debt limit bill, and 2). What changes will have to be made to it between now and midnight to make sure enough of them are on board so the bill doesn't go down in flames in the wee hours of Sunday morning.

Right now, Democrats are looking to about 11 gettable GOP votes: Sens. Olympia Snowe (R-ME), Susan Collins (R-ME), Bob Corker (R-TN), Mark Kirk (R-IL), Scott Brown (R-MA), Lamar Alexander (R-TN), Lisa Murkowski (R-AK), Kay Bailey Hutchison (R-TX), Saxby Chambliss (R-GA), Mike Crapo (R-ID), and Tom Coburn (R-OK). The last three were the Republican members of the Gang of Six deficit reduction group.

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Afghanistan

In Afghanistan, Nation-Building By Any Other Name Is Still Nation-Building

Susan Crabtree | June 23, 2011, 5:21PM

President Barack Obama

One line more than any other in President Obama's primetime speech about gradually withdrawing troops from Afghanistan is coming back to haunt him.

"America, it is time to focus on nation-building here at home," Obama said towards the end of the speech.

The dramatic line was music to the ears of many of his fellow Democrats and voters who supported him. The words tapped into the populist, isolationist tendencies of many voters across the country who have an acute case of combat fatigue after nearly a decade of wars initiated by another president who promised the very same return to domestic concerns before the 9/11 attacks.

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Libya

Kerry and Lugar to Obama: Where Are You On Libya?

Susan Crabtree | March 17, 2011, 2:02PM

Sen. Richard Lugar (R-IN) and Sen. John Kerry (D-MA)

Congressional supporters and opponents of U.S. military intervention in Libya on Capitol Hill are calling on President Obama to clearly define U.S. interests in the Arab country as well as the type of air strikes and other options the administration is pushing in an attempt to prevent Libyan leader Muammar Qaddafi from prevailing against rebel forces.

In hearings Thursday, the top Democrat and Republican on the Senate Foreign Affairs Committee, Sens. John Kerry (D-Ma) and Richard Lugar (R-IN), respectively, expressed opposite views on imposing a no-fly zone in Libya. Kerry views it as vital to the success of opposition forces; Lugar thinks it would be too costly. But both want the President to step in and use the bully pulpit to clearly articulate his views on the increasingly violent clash.

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Senate '12

Poll: Corker Safe For Reelection Unless Dems Nominate Bredesen

Jon Terbush | February 15, 2011, 3:01PM

Sen. Bob Corker (R-TN) and former Tennessee Governor Phil Bredesen (D)

Despite a middling approval rating, Sen. Bob Corker (R-TN) could easily win reelection in 2012 against a slate of Democratic challengers -- that is, unless popular former governor Phil Bredesen (D) runs against him.

In a new PPP poll, Corker fends off several Democratic candidates, but trails Bredesen by five points, 46% to 41%. None of the other Democratic challengers even came close in the poll.

Corker led Rep. Jim Cooper 50% to 32%; topped former Rep. Bart Gordon 52% to 29%; and bested former Rep. Harold Ford Jr. 55% to 32%. And in two bonus fantasy match-ups, Corker led former Tennessee Senator and Vice President Al Gore 53% to 38%, and beat country singer Tim McGraw 50% to 28%.

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Health Care

Republicans See Opportunity To Capture Health Law If SCOTUS Strikes Mandate

Brian Beutler | February 3, 2011, 12:17PM

Sen. Orrin Hatch (R-UT)

An interesting dynamic is taking shape in Congress as health care lawsuits challenging the constitutionality of the individual mandate wind their way up to the Supreme Court.

One potential outcome -- and the one that Republicans are hoping for -- is that the Supreme Court will invalidate the mandate and sever it from the law, leaving an unstable health care policy in place.

Theoretically, Congress could just change that mandate in a way that would easily pass constitutional muster -- simple tweaks that could pass in a matter of days and leave the implementation process largely unmolested.

But for that to happen, Republicans would have to play ball -- and that would mean giving up new-found leverage to really undercut the law. Don't fool yourself into thinking they'd give up that power willingly.

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Health Care

Republicans Hide Health Care Law Benefits From Their Constituents

Brian Beutler | February 2, 2011, 10:22AM

House Speaker John Boehner (R-OH) with Senate Minority Leader Mitch McConnell (R-KY)

Two days after a Republican Florida federal court judge voided the entire health care law, the multi-front Republican war against it continues in the Senate, where members will vote today on whether or not to just repeal it, full stop.

Simultaneously, Republican members are trying to sneak grenades into the heart of the law, crafting modifications which they admit are meant to destroy it.

But that presents them with a conundrum when they head back to their states and districts and face constituents who stand to benefit from the law right now -- seniors who are entitled to free checkups, and young adults, who can now stay on their parents' insurance until they turn 26, for example. Republicans can chose to help those constituents navigate the law -- answer their questions constructively, encourage them to seek those benefits -- or they can let their political agendas interfere.

Different strokes for different folks.

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START treaty

Corker Will Support START Treaty -- White House Has Votes To Ratify

Jillian Rayfield | December 21, 2010, 12:58PM

Sen. Bob Corker (R-TN)

Sen. Bob Corker (R-TN) announced on the Senate floor this afternoon that he will support the new START nuclear arms treaty, saying that "there's nothing that I think most of us care about more than our country being secure."

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START treaty

Dems Close In On START Ratification

Brian Beutler | December 21, 2010, 10:12AM

Senate Majority Leader Harry Reid and President Obama

At this point it's all but certain that the Democrats will be able to ratify the new START treaty before the end of the week. Yesterday was a breakthrough, as key on-the-fence Senators announced their support or near support. But the dam fully broke this morning when Sen. Lamar Alexander (R-TN) -- the Senate's third-ranking Republican -- broke with his leadership team, including anti-START ringleader Jon Kyl, to announce his support.

"I will vote to ratify the new START treaty," Alexander said on the Senate floor. Even after the arms reductions the treaty demands, Alexander said, the US will still have enough weapons to blow "enemies" to "kingdom come."

He joins Sen. Scott Brown (R-MA) as the most recent Republican to announce their intent to support the treaty; Sen. Bob Corker (R-TN) is widely expected to solidify his support for the treaty as well.

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Stimulus

Republicans Try To Roll Back Fed's Job Creation Mandate

Brian Beutler | November 17, 2010, 9:45AM

Sen. Bob Corker (R-TN)

A growing number of Republicans want to tie the hands of the Federal Reserve, choking off perhaps the last best hope for a speedier economic recovery.

In a sluggish economy like this one, policy makers have a handful of powerful tools at their disposal. The most conventional tool -- fiscal stimulus -- is politically out of reach. Republicans, led by Senate Minority Leader Mitch McConnell, have vowed to block any more deficit spending bills aimed at injecting demand into the economy.

"[W]e will loudly oppose future stimulus bills that only stimulate the deficit," McConnell said at a recent Heritage Foundation speech.

That leaves monetary stimulus. Under its mandate to promote full employment, the Fed is supposed to use tools at its disposal to spur economic growth. Republicans want to stop that too.

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Elizabeth Warren

Confusion Reigns On Warren Role At New Consumer Protection Bureau

Brian Beutler | September 16, 2010, 12:16PM

Chair of the Congressional Oversight Panel created to oversee the expenditure of TARP, Elizabeth Warren.

Conservatives are already calling her a banking "czar." The Obama administration is suggesting that she'll help "get the new federal agency standing." But there's still a great deal of confusion, both on the Hill and in the Obama administration about what Elizabeth Warren's new role as consumer protection adviser will be. Will she be a de facto director of the Consumer Financial Protection Bureau? Or will her powers be limited and subservient to the Treasury Secretary? Nobody seems to know.

After a Senate vote today, three key Senators -- including Warren supporters and detractors -- admitted to not knowing what Warren's new job will entail.

Asked by TPM whether he knew what Warren's role will be, Senate Banking Committee Chairman Chris Dodd answered simply, "No."

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Bush Tax Cuts

Senate Republicans Coalesce Around Tax Cut Compromise

Brian Beutler | September 14, 2010, 4:44PM

Republican Senators are coalescing around a compromise on tax cut legislation that would extend all of President Bush's tax cuts -- including on the wealthiest Americans -- until at least 2012.

"We need to leave things as is [for] at least two years," said Sen. Bob Corker (R-TN), told TPM this afternoon.

He shares that view with numerous GOP colleagues, conservative and moderate, who are walking a middle path between Democratic leaders, who want to let the upper-bracket tax cuts expire, and the GOP top brass, who wants to extend all of Bush's tax cuts permanently.

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Kirsten Gillibrand

Republican Senators Chase World Cup, Praise America's Immigrant History

Megan Carpentier | July 2, 2010, 2:30PM

USA and Slovenia play in the World Cup, Sen. Kirsten Gillibrand (D-NY) wants to bring the tournament to the States.

After the failure of Team USA to beat Ghana and advance in the World Cup tournament, most thought that Americans would wait until 2014 until they started paying attention to soccer again. But Sen. Kirsten Gillibrand and a number of Republican colleagues aren't wiling to let soccer fade into obscurity!

She and a few colleagues from both sides of the aisle sent a letter to FIFA President Sepp Blatter today to try to convince him to allow America to host the World Cup in 2018 or 2022. Part of their sales pitch is America's vast immigrant population, and their dedication to watching their home country teams battle it out on U.S. soil.

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Financial Reform

GOPers So Opposed To Wall Street Regulation That They Voted For Bailout Continuation

Brian Beutler | June 30, 2010, 12:15PM

Sen. Chris Dodd (D-CT) speaks with Sen. Richard Shelby (R-AL) on Capitol Hill.

Republicans have spent the better part of two years distancing themselves from bailouts and hitting Democrats for supporting them. But given a choice between continuing the 2008 bank bailout and regulating Wall Street, several Republicans voted last night (and almost all of them will ultimately vote) to keep the bailout alive.

Last night, in a scramble to save the bill in the wake of Sen. Scott Brown's (R-MA) objections to the conference report, Democrats worked with moderate Republicans to figure out a new way to pay for Wall Street reform. What they came up with was pretty simple: end the TARP legislation (i.e., the much-maligned bank bailout) early. Every Republican negotiator on the conference committee objected, some vociferously.

Sen. Judd Gregg (R-NH) called it "fraud on the American people."

Not to be outdone, Sen. Mike Crapo (R-ID) called it "smoke and mirrors."

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Financial Reform

Dems and Republicans Clash Over Wall Street Reform Fix

Brian Beutler | June 29, 2010, 5:51PM

Sen. Chris Dodd (D-CT) and Rep. Barney Frank (D-MA)

Late update: Financial reform negotiators agreed tonight on a party line vote to make fixes sought by Sens. Scott Brown, Susan Collins, and Olympia Snowe, changing the way the legislation will be paid for. Speaking to reporters after the impromptu conference committee session, House Financial Services Committee Chair Barney Frank implied strongly that he'd received assurances that the Senate now has 60 votes to pass Wall Street reform. The House will likely take the bill up tomorrow, while the Senate may have to wait until after the July 4 recess to hold its final vote.

Here's how Democrats propose to placate moderate Republicans, who've been threatening to renege on their previous support for Wall Street reform. Instead of paying for the $19 billion cost of financial regulation bill by taxing big banks, the legislation will now raise money in two ways: Ending TARP, and raising the minimum target for FDIC's Deposit Insurance Fund.

Democrats took the extraordinary step this evening of reconvening the financial reform conference committee and making the switch in order to secure 60 votes for the legislation in the Senate. Brown said he'd bolt from the bill without a new pay-for, and Maine Republicans Collins and Snowe made similar threats, leaving Democrats likely vulnerable to a Republican financial reform filibuster.

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Blanche Lincoln

Dems Fight Each Other Over Major Wall Street Reform Measures

Brian Beutler | June 24, 2010, 5:17PM

Speaker Nancy Pelosi (D-CA) and Senator Blanche Lincoln (D-AR)

They're close to a deal, they're not close to a deal, they're talking, they're not talking.

The final Wall Street reform negotiations have been beset by delays as key members hash out compromises on the two outstanding (and deeply consequential) aspects of financial regulatory reform.

First there's the so-called Volcker rule. Then there's the question of derivative regulations. The more difficult fight is over the latter, so let's deal with it first.

House Democrats with close ties to big banks have threatened to bolt from the whole bill over proposed new derivatives rules in the Senate bill. If passed they would require major financial firms to dissociate from their derivative trading desks. Certain New Democrats and members of the New York delegation wants that particular measure scrapped. That sounds complicated, but the basic idea is to forbid federally insured firms from taking the sorts of risky gambles that could cause them to collapse.

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Financial Reform

Senators Say Lincoln Victory Saves Tough Derivatives Regs

Brian Beutler | June 10, 2010, 9:49AM

Sen. Blanche Lincoln (D-AR)

A number of key senators returned to the Capitol after election Tuesday with good news for Wall Street foes. By defeating her primary challenger, Lt. Gov. Bill Halter, Sen. Blanche Lincoln (D-AR) has strengthened her hand in the final financial reform negotiations, and has given new life to a much-debated provision, which would require financial firms to spin off their derivatives trading desks. But the measure still faces broad and stiff opposition from powerful interest groups and the Obama administration, and there's little if any evidence that Lincoln's victory weakened their resolve to, at the very least, scale it back.

"She returns as the chairman of the Agriculture Committee, running for re-election in November, which I think gives her a strong bargaining position," Senate Majority Whip Dick Durbin told reporters yesterday.

The reasoning is simple: Facing a tough re-election challenge in November, Democrats will be loath to publicly undercut her, particularly given how great a role her contributions to Wall Street reform played in the Arkansas primary.

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Financial Reform

Nothing To See Here! Wall Street Reform Negotiators Say No To Full Transparency

Brian Beutler | May 27, 2010, 12:12PM

Sen. Chris Dodd (D-CT) and Rep. Barney Frank (D-MA)

House Financial Services Chairman Barney Frank punctured a growing call for greater transparency in the final Wall Street reform negotiations today, saying there will be no time to air any proposed changes to the legislation in public before they're adopted.

"No, you won't have time to do that, because...we have a fairly short time period," Frank told me this morning.

Whether time was the issue or not, other leading congressional negotiators didn't appear to have much of an appetite for operating in as open an environment as possible.

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Financial Reform

We're Doin' It Live! Republicans Give Thumbs Up To Televised Wall Street Reform Negotiations

Brian Beutler | May 21, 2010, 10:37AM

Sen. Chris Dodd (D-CT) and Rep. Barney Frank (D-MA)

Should the final act of the financial reform fight be televised? If it is, it would make any efforts--whether Republican or Democrat-led--to weaken the final product a heavier lift. And so there will be significant pressure to cut the final deal in as much darkness as possible. But if that's the route legislators decide to go they'll have to walk back from earlier nods toward the importance of transparency

Several weeks ago, House Financial Services Committee Chairman Barney Frank dared Senate Republicans to oppose Wall Street reform, and warned that, after the Senate passed its legislation, any further efforts to weaken the final product would have to be public: a formal conference committee to iron out the differences between the House and Senate bills, even a C-SPAN camera so the whole world could see where each party stood.

Well, last night, the Senate passed its bill, and on Monday the Senate will take formal steps to begin the conference committee process. And in conversation, key Republicans and Democrats last night say they think inviting the cameras along would be just fine.

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Bob Corker

Republicans--And Two Democrats--Block Vote On Wall Street Reform

Brian Beutler | May 19, 2010, 6:44PM

Senate Majority Leader Harry Reid (D-NV)

Two progressive Democrats joined 39 Republicans this evening to block a final vote in the Senate on Wall Street reform, putting the two parties in the same position they found themselves in nearly one month ago when the entire GOP held together, for several days, to delay the bill from coming to the floor.

Now, just as then, Democrats will bring to bear a relentless campaign of public pressure on key Republicans and private arm-twisting on hold-out Democrats, in order to corral the 60 votes they need to end debate on the bill. And they'll have an opportunity to do just that tomorrow, when Senate Majority Leader Harry Reid holds a revote.

Back in April, though, that effort led to a broad capitulation by the GOP. This time, Republican senators and aides say it will only net them the handful votes they need to get over the top. One top GOP aide predicted the filibuster will break tomorrow.

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Financial Reform

Sources: Dems Seek To Protect Lincoln By Delaying Action On Wall Street Reform

Brian Beutler | May 13, 2010, 8:53AM

Sen. Harry Reid (D-NV) and Sen. Blanche Lincoln (D-AR)

One of the most far-reaching pieces of the Senate's Wall Street reform bill has powerful enemies. The White House doesn't like it. FDIC chief Sheila Bair doesn't like it. Obama adviser Paul Volcker--the patron saint of financial reform--doesn't like it. And neither do a number of key Democrats, including Banking Committee Chairman Chris Dodd. All of them say that a controversial proposal to force financial firms to spin off their derivative-trading desks into separate entities goes too far.

But they may have gotten themselves stuck with it--at least for now. With their assent, the plan was authored by Sen. Blanche Lincoln (D-AR), who designed it to guard her left flank against a somewhat formidable primary challenge, and has been boasting of it on populist grounds for weeks. And that according to Republican and Democratic Senate sources, has led Democrats to quietly agree to postpone any changes they decide to make to her proposal until after this Tuesday's election has passed, to avoid embarrassing her in front of voters.

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Audit the Fed

Sanders' Fed Audit Amendment Likely To Prevail

Brian Beutler | May 6, 2010, 4:24PM

Sen. Bernie Sanders (I-VT)

Could Sen. Bernie Sanders (I-VT) shake off powerful opponents of his proposal to audit the Federal Reserve? It looks like he's about to do just that. By making a few changes to his financial reform amendment, Sanders has won support from Senate Banking Committee Chairman Chris Dodd, and Majority Leader Harry Reid, and seems more poised than ever to prevail. The Senate should vote on his amendment later today.

In order to allay some of the White House's and the Fed's concerns, Sanders has agreed to limit the scope of what the Government Accountability Office would be allowed to audit--but his plan will still require thorough review of all the Fed's emergency lending, beginning December 1, 2007.

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Financial Reform

The Republican Duo Behind The Demise Of The Financial Reform Filibuster

Brian Beutler | April 29, 2010, 11:16AM

Sen. George Voinovich (R-OH) and Sen. Susan Collins (R-ME)

The GOP's bid to block debate on Democrats' financial regulatory reform bill ended with a whimper. After a three day standoff--during which they voted repeatedly, and to a number, to sustain their filibuster--the Republicans acknowledged that they'd be unable to extract further concessions behind closed doors, and agreed, unanimously, to allow the bill to come to the floor.

That decision didn't please everybody. In a statement announcing that bipartisan negotiations had reached an impasse, Sen. Richard Shelby (R-AL)--the ranking member on the Banking Committee, and the Republicans' top financial reform negotiator--said that the common ground he'd found with Democrats was "not sufficient to garner my support for moving this bill to the Senate floor." And last night, after a meeting of the GOP caucus, Sen. Tom Coburn (R-OK) told reporters that he planned to vote against proceeding to debate again...but he never got the chance.

So who was pushing for the filibuster to end--and why?

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Financial Reform

Bowing To Internal Pressure, GOP Allows Debate On Financial Reform

Brian Beutler | April 28, 2010, 7:12PM

Senate Majority Leader Harry Reid (D-NV) with Sens. Dick Durbin (D-IL) and Charles Schumer (D-NY)

Without a single objection, Republicans tonight dropped their three day filibuster of financial reform legislation, agreeing unanimously to debate the Democrats' bill on the Senate floor.

Though clearly a big defeat for the Republicans, their line tonight is that they endured this week's political maelstrom for a substantive reason: to allow Sen. Richard Shelby (R-AL) to extract as many concessions out of Banking Committee Chairman Chris Dodd as he could. When Dodd said no more, they relented. Of course, bipartisan talks have broken down several times before, without Republicans relenting, and if you scratch below the surface, you find that the GOP's calculation was rooted more in an understanding that the caucus didn't have an appetite for endless obstruction this time around.

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Financial Reform

Pounce! Dems To Keep Senate Open All Night To Force GOP Hand On Financial Reform

Brian Beutler | April 28, 2010, 1:26PM

Senate Finance Chairman Max Baucus, D-Mont., Senate Majority Leader Harry Reid, D-Nev., and Sen. Charles E. Schumer, D-N.Y.

Frustrated by an ongoing campaign by the GOP to block debate on financial reform legislation, Democrats plan to hold the Senate floor open all night, potentially holding repeated votes to break the filibuster, or forcing Republicans to publicly object to debating their bill. But the move comes just as Republicans appear closer than ever to throwing in the towel.

"The voting is up to the Majority Leader, how often they vote," Senate Majority Whip Dick Durbin told reporters after Republicans, for the third straight day, voted in lockstep to prevent debate on the Democrats' bill. "Staying in session? Making unanimous consent requests? Those things are all options.... Votes may be recurring regularly."

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Financial Reform

Five Surprises To Watch For Before Tonight's Key Test Vote On Financial Reform

Brian Beutler | April 26, 2010, 9:54AM

Senators Mitch McConnell (R-KY) and Harry Reid (D-NV)

In just a few hours, Senate Republicans will be put to the test. Both they and leading Democrats say they're a hair away from reaching a bipartisan framework on financial regulatory reform, yet Republicans have decided to block Democrats from bringing the issue to the Senate floor. In response--and because it makes for great politics--Democrats will try to break that filibuster at 5 pm tonight. Even if they fail, they reason, they succeed at painting Republicans with a pro-Wall Street brush.

So what various twists and turns might this story takes as that pivotal moment approaches? Here are a few to be on the look out for:

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Financial Reform

No Deal Yet But Dems And GOP Sound Hopeful On Sunday Shows

Christina Bellantoni | April 25, 2010, 11:12AM

Sen. Chris Dodd (D-CT) speaks with Sen. Richard Shelby (R-AL) on Capitol Hill.

Despite round-the-clock talks between Sen. Chris Dodd and Sen. Richard Shelby there's no bipartisan deal on financial regulatory reform, but leaders on both sides said Sunday they are hopeful they can come together.

In a sharp contrast from the rancorous tone on last week's Sunday shows, Republicans and Democrats alike said today there is good momentum to agree on legislation soon, even though everyone agreed they aren't there "yet."

"It might be later this week, it might be next week, but the main thing is to get a good bill," Shelby (R-AL), the ranking member of the Banking Committee, said today on NBC's "Meet the Press." Shelby and Dodd made a rare joint appearance on the show, a move that Capitol Hill aides thought would lead to the announcement of a final agreement allowing the Senate to move forward Monday as planned.

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Sunday Shows

The Sunday Show Line-Ups

Eric Kleefeld | April 23, 2010, 3:29PM

Austan Goolsbee, Chief Economist on the Economic Recovery Advisory Board

Here are the line-ups for the Sunday talk shows this weekend:

• ABC, This Week: White House Economic Adviser Austan Goolsbee, Sen. Sherrod Brown (D-OH), Sen. Bob Corker (R-TN).

• CBS, Face The Nation: National Economic Council Director Lawrence Summers.

• CNN, State Of The Union: Gov. Jennifer Granholm (D-MI), Sen. Saxby Chambliss (R-GA), Sen. Bob Menendez (D-NJ).

• Fox News Sunday: National Commission on Fiscal Responsibility and Reform Co-Chairs Alan Simpson and Erskine Bowles.

• NBC, Meet The Press: Sen. Chris Dodd (D-CT), Sen. Richard Shelby (R-AL).

Financial Reform

Shelby And Dodd Work Against The Clock On Financial Reform Deal

Brian Beutler | April 23, 2010, 2:14PM

Sen. Chris Dodd (D-CT) and Sen. Richard Shelby (R-AL)

We've reached a fork in the road. Sens. Chris Dodd (D-CT) and Richard Shelby (R-AL) will be working through the weekend to reach a deal on financial regulatory reform. Dodd, ever hopeful, says a breakthrough is quite possible. Shelby? Not so much.

If Dodd's suspicions bear out, the political endgame is pretty clear: The two will announce an agreement, Dodd's reform bill will be brought to the Senate floor Monday with overwhelming support, and for the next several days, or even a couple weeks, members will debate it, vote on amendments, and, ultimately, pass a final bill.

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Financial Reform

Corker: 'I'm Not Confident' We'll Reach Bipartisan Deal (VIDEO)

Rachel Slajda | April 23, 2010, 1:01PM

Sen. Mark Warner (D-VA) and Sen. Bob Corker (R-TN)

Sen. Bob Corker (R-TN), who's worked with Sen. Mark Warner (D-VA) on financial reform, said last night that he's "not confident" Sens. Chris Dodd and Richard Shelby will come to an acceptable bipartisan deal on financial reform.

"I've been hearing some of the policy drift over the last day or two," he said last night on CNN. "I hope it happens and i hope it happens before we actually have the motion to proceed next Monday night ... At the end of the day, bipartisan means something that both sides, large numbers, both sides of the aisle agree to, and right now I'm a little concerned about the policy drift that's taken place."

Dodd and Shelby, the chairman and ranking member of the Senate Banking Committee, are working on a bipartisan agreement on financial regulatory reform legislation. The bill will officially be brought to the floor Monday night, if the Senate approves a cloture vote to begin debate.

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Financial Reform

Tea Party Targets 'Bailout Bob' Corker

Christina Bellantoni | April 23, 2010, 11:57AM

Sen. Bob Corker (R-TN) and protestors at a Tea Party rally

As Republican Sen. Bob Corker works with Democrats to strike a deal on financial regulatory reform, tea partiers are coming after him. They are crying that Corker is a "Republican in name only!" who is bending over backwards to help Sen. Chris Dodd (D-CT) instead of joining the GOP in a filibuster threat.

Tea Party Nation has enlisted members to bombard Corker (R-TN) with phone calls pleading with him "not to compromise" with the majority party. In an email obtained by TPMDC as a member of the group's mailing list, Tea Party Nation leaders give out Corker's six state office numbers and his Washington line.

The tea party group's facts aren't quite accurate, since Corker was one of the 41 Republican senators who signed a letter last week pledging to block the bill in its current form. But as we've been reporting on our Financial Reform Wire and in detail here, Corker and other GOPers are cooperating with Democrats.

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Financial Reform

Schumer To GOP On Financial Reform: You Lie!

Brian Beutler | April 22, 2010, 12:44PM

Sen. Charles Schumer (D-NY)

Republican rhetoric has softened, but the Democrats aren't laying off at all. At a press event this afternoon, Sen. Chuck Schumer (D-NY), the third ranking Democrat took the gloves off, and called the earlier Republican line on financial reform a lie.

"On the health care bill we allowed too many lies to get out there without rebuttal, because we thought they were so obviously untrue," Schumer said. "But we've learned our lesson. And the minute these things come out of the mouths of some of our Republican colleagues, we rebut them. And we rebut them again and again. And fortunately these lies are not taking hold."

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Financial Reform

Why The GOP Suddenly Let Up On Financial Reform

Brian Beutler and Christina Bellantoni | April 21, 2010, 3:18PM

Sen. Chris Dodd (D-CT), Sen. Bob Corker (R-TN), and Sen. Richard Shelby (R-AL)

Within 48 hours, the Republican line on financial regulatory reform went from "filibuster" to "we're very close to a deal." Why the shift? Republicans and Democrats will offer up spin all day, chalking up the progress to their own doggedness, but in the end it comes down to a simple reality. Key Republicans, sincere about passing new rules for Wall Street, but intimidated by the notion of blocking financial regulatory reform, let it be known to their leadership that, at some point, they would side with Democrats to break a filibuster. Maybe not on round one, or even round two. But eventually.

"Folks on our side of the aisle want a bill," Sen. Bob Corker (R-TN) told TPMDC and a few other reporters Monday night. "I know that. I just [had a] discussion with some of our leadership on the floor. You know, we want a bill."

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Financial Reform

Corker: GOP Could Be Accused Of Moving Goalposts On Financial Reform

Brian Beutler | April 20, 2010, 11:35AM

Sen. Bob Corker (R-TN)

Sen. Bob Corker (R-TN) isn't just whacking his party's leadership for mischaracterizing the Democrats' financial reform bill. He's also warning that Republican tactics could backfire.

"I think that's a great point. If you focus on [the liquidation fund], and you make that issue all of your focus, and they fix it, which they can do so readily... I think it could in fact make it look [like the GOP is moving the goalposts]," Corker told reporters last night, after a vote on the Senate floor.

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Financial Reform

Corker Says Bill Isn't Tough Enough, Only Helps The 'Big Guys' (VIDEO)

Rachel Slajda | April 20, 2010, 11:10AM

Sen. Bob Corker (R-TN)

Sen. Bob Corker (R-TN), one of the lead negotiators on financial reform, said this morning that claims that the financial reform bill are tough on Wall Street is "laughable."

"What regulation does is help the big guys and hurt the small guys," Corker said on Morning Joe. "This derivatives piece, it doesn't hurt Wall Street. You've gotta be kidding me."

"The fact is that it's the end users, it's those guys out there in Iowa, in Kansas, and it's our community bankers across the country that we need to be concerned about with this regulation," he said. "When this bill passes, the only thing that's gonna happen is the large firms that exist are gonna get larger."

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