Payroll Tax Cut

GOP Goes To War With Itself Over Payroll Cut

Brian Beutler | December 19, 2011, 5:30PM

Senate Minority Leader Mitch McConnell (R-KY) conducts a news conference along with fellow GOP members on Capitol Hill in Washington, D.C. on November 30, 2011.

A civil war between House Republicans and their Senate counterparts had gone public over the possibility that the GOP will be held to blame if the current payroll tax cut expires on January 1. The Senators feel abandoned after having voted overwhelmingly on Saturday to pass a two month extension of the holiday -- only to have conservatives in the House GOP conference reject it publicly, and insult the legislation itself.

GOP Leaders on both sides of the Capitol are trying to contain the fallout, but with vulnerable Senate Republicans exposed, and the payroll tax cut set to lapse in less than two weeks, that's a tall order.

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Richard Cordray

GOP Filibusters Top Consumer Protection Nominee

Brian Beutler | December 8, 2011, 11:37AM

This post was updated at 11:55 a.m.

As they promised they would, the overwhelming majority of Republicans on Wednesday filibustered Richard Cordray, the uncontroversial former Ohio Attorney General whom President Obama tapped to be the director of the new Consumer Financial Protection Bureau -- an agency tasked with mitigating fraudulent and dangerous financial products.

The final vote was 53-45, with one Senator, Olympia Snowe (R-ME) voting present and one, John Kerry (D-MA) not on hand to vote. GOP Sen. Scott Brown (R-MA) -- running for re-election against the CFPB's godmother Elizabeth Warren -- joined the Democrats in supporting Cordray.

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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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Birther

Olympia Snowe Primary Challenger Says Obama Not A Christian

Benjy Sarlin | July 19, 2011, 1:26PM

Scott D'Amboise

A Republican primary challenger to Sen. Olympia Snowe (R-ME) went on a rant against Barack Obama this week in which he claimed the president was not a Christian.

Businessman Scott D'amboise told FrumForum in an interview on Tuesday that he did not believe Obama's professed faith was genuine.

"The President, he says he is Christian but yet he's exercises a lot of Muslim faith too," D'amboise said. "Me personally, I'm a Christian conservative. I don't hold any malice to anybody, whether they are Muslim, or Jewish, or Catholic, or anything else. I just believe that he needs to come forward with his views a little bit clearer."

Asked specifically whether Obama might be a Muslim, a common (and false) belief in some right-wing circles, D'amboise told FrumForum "I don't know if he is or isn't, but I don't believe he's a Christian."

In an interview with TPM, Andrew Ian Dodge, a Tea Party activist who is also running against Snowe as a Republican, condemned D'amboise's comments as a "distraction."

"I think its a way of vilifying him," Dodge said. "Obama is a social democrat, but he is neither a Muslim nor a non-citizen."

He added that comments like D'amboise's help Democrats by portraying the right as "bunch of loons."

D'amboise has only raised $100,000 so far, well behind Snowe's $2.7 million cash on hand. Dodge has not yet released fundraising totals.

Medicare

Senate Republicans Vote Overwhelmingly To End Medicare

Brian Beutler | May 25, 2011, 5:52PM

Mitch McConnell (R-KY)

The GOP continued its bloody walk into the Medicare buzzsaw Wednesday, when 40 out of 47 Senate Republicans voted in support of the House GOP budget, and its plan to phase out and privatize the popular entitlement program.

The test vote failed by a vote of 57-40. But the roll call illustrates that Medicare privatization -- along with deep cuts to Medicaid and other social services -- remains the consensus position of the GOP despite the growing political backlash against them.

Voting with all of the Democrats against debating the plan were Sens. Scott Brown (R-MA), Olympia Snowe (R-ME) -- both 2012 incumbents -- along with Sens. Susan Collins (R-ME) and Lisa Murkowski (R-AK). Rand Paul (R-KY) voted against it because it wasn't radical enough.

Sens. Chuck Schumer (D-NY), Pat Roberts (R-KS), and Kay Bailey Hutchison (R-TX) did not vote.

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Budget

Olympia Snowe Will Vote 'No' On House GOP budget

Benjy Sarlin | May 24, 2011, 3:34PM

Sen. Olympia Snowe (R-ME)

Add Sen. Olympia Snowe (R-ME) to the list of Republicans who plan to vote against the Paul Ryan budget when it comes up for a vote in the Senate this week.

"I am going to vote no on the budget because I have deep and abiding concerns about the approach on Medicare, which is essentially to privatize it," Snowe told The Portland Press Herald on Tuesday.

She added that the House GOP budget's proposal to block grant Medicaid and let states decide how to distribute the funds was also troubling.

"The states are the great laboratories," Snowe said. "But we also have an overall obligation to serve specific populations under Medicaid. We don't want to encourage a race to the bottom."

The Maine lawmakers joins Senators Susan Collins (R-ME), Scott Brown (R-MA), and Rand Paul (R-KY) who have all declared their "no" vote early. Snowe, Collins, and Brown have cited its impact on seniors' Medicare benefits as their chief disagreement while Paul wants its overall cuts to go even further. Collins and Paul have made their position known for some time. Brown announced his position on Monday with an op-ed in Politico.

Oil Subsidies

Republicans Filibuster Bill To Repeal Oil Subsidies

Brian Beutler | May 17, 2011, 7:16PM

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

As expected, a Democratic bill that would have stripped big oil companies of multi-billion annual tax subsidies failed to overcome a Republican filibuster Tuesday evening. The heavily partisan 52-48 vote fell well short of the 60 required to achieve cloture. Three Democrats -- Sens. Mary Landrieu (D-LA), Mark Begich (D-AK), and Ben Nelson (D-NE) -- voted with Republicans to maintain the subsidies. Sens. Olympia Snowe (R-ME) and Susan Collins (R-ME) voted with the Democrats.

Democrats have turned oil subsidies into a major issue as Congress looks at ways to tame high deficits and the national debt. They've been fueled in their efforts by soaring gas prices and extraordinary industry profits. And party leaders have vowed to include the tax breaks in any grand fiscal bargain tied to raising the debt limit.

But this effort was all about politics. Democrats want to highlight the GOP alignment with oil companies this election season and Tuesday's vote will help them do that. But if it had passed it would have run smack into a pretty big problem -- because, er, it was unconstitutional.

Consumer Financial Protection Bureau

Republicans Make Power Play To Gut Consumer Financial Protection Bureau

Brian Beutler | May 6, 2011, 4:11PM

Sen. Richard Shelby (R-AL)

On Thursday, while House Republicans were dealing with a small Medicare privatization snafu, their Senate counterparts laid down an impossible marker. Forty four of their 47 members have signed on to a letter threatening to filibuster any nominee to head the new Consumer Financial Protection Bureau unless it is dramatically weakened.

"We will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the structure of the Consumer Financial Protection Bureau is reformed," reads a letter, co-authored by Senate Minority Leader Mitch McConnell and Sen. Richard Shelby (R-AL), ranking member of the Banking Committee.

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Olympia Snowe

CORRECTED: Op-Ed Slams Snowe For Selling Out State To 'Tea Party Pressure'

Brian Beutler | March 15, 2011, 1:23PM

Correction: This post originally attributed the op-ed critical of Sen. Snowe to the editors of the Portland Press Herald. In fact, the op-ed was penned by former Snowe rival and ex-Rep. Tom Andrews (D-ME). As such, the op-ed is not evidence of Snowe losing support from moderate Republicans as this post initially suggested. We regret the error.

---

Recent polling suggests Sen. Olympia Snowe (R-ME) would have much better luck running for re-election as an independent than as a Republican, to avoid a tea party-backed candidate from the right. But that would mean abandoning her party, its institutional support, her seniority in the Senate and so on. In a Tuesday op-ed in the Portland Press Herald -- an influential newspaper in Southern Maine -- former Rep. Tom Andrews (D-ME), who lost to Snowe in the 1994 race in which she was first elected to the Senate, takes Snowe to task for what he claims is her pandering to tea partiers in her party.

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ME-SEN

Poll: Olympia Snowe Could Win Reelection -- As An Independent

Jon Terbush | March 9, 2011, 1:36PM

Maine Republicans aren't so keen on nominating Sen Olympia Snowe (R) for another reelection bid. But if Snowe does get dumped by her own party in a primary election, a PPP poll of registered voters shows that she could still cruise to reelection should she run as an Independent.

Earlier this week, PPP released a poll showing that only one quarter of Republicans in Snowe's home state think she should be considered a Republican, while a third said she was better described as a Democrat. Further, almost six in ten said they would probably vote for a more conservative candidate should one challenge Snowe in a primary.

Yet as the new release shows, Snowe garners plenty of support from Democratic voters, and could return to the Senate even if her own party dumps her in a primary next year.

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Olympia Snowe

Senate Republicans Fall Into Line On Controversial House Spending Cut Plan

Brian Beutler | March 9, 2011, 8:55AM

Senate Minority Leader Mitch McConnell (R-KY) in the Capitol.

It looks like practically all Senate Republicans will vote for a controversial House spending cut plan on Wednesday, notwithstanding the political risk they'll face from endorsing deeply controversial policy riders that hack away at abortion rights, environmental protections, and other policies that typically have bipartisan support.

Sen. Mark Kirk (R-IL), a moderate Senate freshman, told reporters Tuesday night that he's a yes on the plan, which is expected to fail on a test vote Wednesday afternoon in the Democratic-dominated chamber.

"I am," he told reporters after a Senate vote.

Kirk acknowledged that liberal Republicans will take a hit for voting to endorse all of the policy measures in the bill.

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Olympia Snowe

Poll: Vast Majority Of ME GOPers Think Olympia Snowe Should Not Be A GOPer

Evan McMorris-Santoro | March 8, 2011, 10:50AM

Sen. Olympia Snowe (R-ME)

Well this is probably not a great sign for an incumbent Republican Senator facing reelection: a new poll of likely GOP primary voters in Maine shows more than 65% don't think Sen. Olympia Snowe belongs in the Republican party.

The outspoken moderate and sometime aisle-crosser apparently still has a long way to go before she convinces Republicans in Maine she's one of them. But the results of the poll show that against two potential primary rivals, Snowe still comes out on top.

The Public Policy Polling (D) survey of 434 "usual Maine Republican primary voters" found just 27% of them think Snowe "properly belongs in the Republican party." Thirty-four percent said she's best described as an independent, while 33% said Snowe's really more of a Democrat.

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Andrew Ian Dodge

Maine Tea Partier Announces Snowe Challenge At CPAC, Flaunts Birth Certificate

Jillian Rayfield | February 11, 2011, 5:45PM

Andrew Ian Dodge

Andrew Ian Dodge, a Maine tea party activist, announced at CPAC earlier today that he will challenge Sen. Olympia Snowe in the Republican primary in 2012, touting his slogan "Snowe has got to go" and flaunting his birth certificate, which he said was a response to accusations by his opponents that he is not a U.S. citizen.

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Olympia Snowe

Meet Olympia Snowe's New Hard Rocking Tea Party Challenger

Benjy Sarlin | February 11, 2011, 12:02PM

Sen. Olympia Snowe (R-ME)

Maine moderate Olympia Snowe, whose Senate seat has long been considered vulnerable in a Republican primary, has a new Tea Party challenger: Andrew Ian Dodge.

The state coordinator for the Tea Party Patriots in Maine, Dodge told TPM he will announce his entrance into the race Friday at a press conference at CPAC. He'll be the second to jump into the GOP primary against Snowe after businessman Scott D'amboise declared his run last year.

You may not recognize Dodge's name, but if you've read news coverage of the Tea Party over the last year you've almost certainly seen him quoted. Dodge's friendly relationship with reporters and off-beat analysis has made him one of the most frequently cited activists in the movement by mainstream reporters.

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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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Don't Ask, Don't Tell

Report: Olympia Snowe Ready To Vote For Cloture On DADT Repeal

Evan McMorris-Santoro | December 17, 2010, 3:16PM

If this report is true, you can count on the military's ban on openly gay servicemembers to be repealed by the end of this year, barring no major complications. CNN is reporting Sen. Olympia Snowe (R-ME) will vote for cloture on Saturday, bringing the total number of pro-repeal votes over the magic 60 mark -- even without the waffling Sen. Kent Conrad (D-ND), who voted to move repeal to a full vote last week but is so far unwilling to say he'd do it again.

In addition to Snowe, Republican Sens. Susan Collins (ME), Scott Brown (MA) and Lisa Murkowski (AK) have committed to voting for cloture on the standalone DADT repeal bill passed by the House this week. With their votes added to the vast majority of Democratic caucus (minus Joe Manchin [D-WV] and maybe Conrad), the total vote for repeal is now above the 60 vote mark needed to deny opponents of repeal the chance to filibuster.

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Health Care

Snowe Joins Anti-Health Care Reform Lawsuit

Brian Beutler | November 18, 2010, 9:56AM

She was once considered the most likely Republican to vote for health care reform. Now, Sen. Olympia Snowe (R-ME) is joining scores of Republicans and conservatives in support of the Florida health care lawsuit's plaintiffs, challenging the Constitutionality of the law.

Yesterday, she and 30 other Republicans signed an amicus brief in the case.

"As I asserted during the debate on this legislation, the individual mandate has no place in a health care reform bill unless and until affordable health insurance is available for all Americans," Snowe said in a statement. "That is why I offered an amendment in committee that would have tempered down the severity of the individual mandate and filed an amendment on the Senate floor to strike it entirely from the bill. We must take seriously the gravity of this imperious and intrusive government mandate and repeal the individual mandate before millions of Americans are forced to purchase health care coverage that they neither want nor can afford."

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Olympia Snowe

Republicans Defend Continued Tax Breaks For Millionaires (VIDEO)

Brian Beutler | November 16, 2010, 1:25PM

Republicans from across the conservative spectrum are swatting down a proposal from Democrat Chuck Schumer to resolve the tax cut dispute by ending tax cuts to millionaires only.

"The answer is no," said Sen. John Thune (R-SC) -- the fourth ranking Republican in the Senate -- on Fox News last night. "What you want to do if you believe the best ways to grow jobs and to grow the economy in this country is to keep taxes low and to allow small businesses...to get out and do that, then the worst thing you can do is raise taxes on them, which, if you raise them on those higher-income levels is what happens.

Thune is a contender for the 2012 GOP presidential nomination, and his position is reflective of the fact that he'll be guarding his right flank for the next many months.

Moderate Sen. Olympia Snowe (R-ME), however, agrees with Thune.

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Olympia Snowe

Snowe May Be Flexible On Tax Cuts

Brian Beutler | November 16, 2010, 12:14PM

Sen. Olympia Snowe (R-ME)

A key moderate Republican today indicated she might be open to the idea of a permanent extension of middle-income tax cuts, even if tax cuts on the top income brackets are only extended temporarily.

In response to questions from TPM, Sen. Olympia Snowe (R-ME) said she hasn't reached any conclusions about whether she might support such a compromise, but did acknowledge that she has no objection to the idea of a permanent tax cut for middle-class Americans.

"I don't know. I'm not prepared to say that at this point, frankly. I'd like to see all the tax rates extended for the time being, the next two or three years at the minimum probably, given where we are today," Snowe said.

Pressed, though, Snowe acknowledged that she has no objection to extending some of the tax cuts permanently.

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Chuck Grassley

Snowe, Hatch Poised To Take Top GOP Slots On Major Committees In January

Brian Beutler | November 10, 2010, 12:14PM

Republicans didn't pick up the Senate last week. But they did pick up six seats and will have several new members coming to town next year, which means the committees will be rejiggered -- and the leaders of those committees will play the biennial game of musical chairs.

According to top aides, the reshuffling won't be too dramatic this time around. On any particular committee, Democrats adhere to a seniority system to determine who moves up the ladder. Republicans let the members choose who gets the top spot.

With that in mind, here's one likely reshuffling scenario.

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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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Olympia Snowe

Snowe Popular Among Maine Democrats, Not Republicans

Brian Beutler | September 10, 2010, 2:17PM

Sen. Olympia Snowe (R-ME)

Nearly a year after she bucked Democrats on health care reform, Maine Republican Olympia Snowe is extremely popular in her home state... among Democrats.

According to new Public Policy Polling data, Snowe's high 50-40 approval ratings are due mostly to the fact that Democrats love her. Republicans, meanwhile, think she's basically just a Democrat. By a 50-37 margin, GOP voters say she'd be a better fit in the Democratic party. More than half of Republicans -- 51 percent -- disapprove of her while 40 percent give her high marks.

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Jobs

House May Return From Recess For Key Jobs Vote

Brian Beutler | August 4, 2010, 2:43PM

House Majority Leader Steny Hoyer, D-Md., House Education Chairman George Miller, D-Calif., House Speaker Nancy Pelosi, D-Calif., House Transportation Chairman James L. Oberstar, D-Minn., and House Appropriations Chairman David R. Obey, D-Wis., during a news conference.

With the help of a handful of Republicans, Senate Democrats this morning broke a filibuster on legislation that will provide needed aid to states, preserving jobs for teachers, and boosting federal contributions to Medicaid. But with passage now imminent, Democrats have a problem: the House just adjourned for a five week recess, and until they too pass the legislation, the aid to states is only hypothetical.

This afternoon, though, a House leadership aide confirmed to TPMDC that party leaders may call members back from their districts to pass the bill and allow President Obama to sign it into law.

Most Republicans oppose the legislation, characterizing it as a bailout for unionized teachers. But Senate Majority Leader Harry Reid secured the votes of Sens. Susan Collins (R-ME) and Olympia Snowe (R-ME) by making sure the package does not add to the federal deficit.

We'll follow up when we know more.

Financial Reform

It's Done! Obama To Sign Wall Street Reform

Brian Beutler | July 15, 2010, 2:57PM

US Senators Harry Reid (D-NV) and Chris Dodd (D-CT)

It's done. The Senate this afternoon, by a vote of 60-39 passed the final version of Wall Street reform legislation -- the exact same version the House passed two weeks ago, which will now go the White House for a signature. Senate Majority Leader Harry Reid (D-NV) said that the President plans to sign the bill next week.

The development, though expected for days, represents a major achievement for President Obama and congressional Democrats -- their first landmark bill since health care. And this time it's actually popular.

But getting here wasn't easy for Democrats.

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Wall Street

Ben Nelson Leaves Dems One Vote Shy Of Wall Street Reform

Brian Beutler | July 12, 2010, 6:58PM

Democrats in Washington might want to nudge West Virginia governor Joe Manchin to name a replacement for Sen. Robert Byrd already.

The good news for Dems is that tonight, in a statement to reporters, Sen. Olympia Snowe (R-ME) hopped aboard the Wall Street reform train. "I intend to support passage of the legislation when its brought before the Senate," she said. That would make 60 votes -- enough to overcome a filibuster -- but now a Democrat is hanging out in the undecided camp, preventing the package from coming to the cloor

The bad news: Sen. Ben Nelson (D-NE) explicitly told reporters this evening he's not committed to voting for the legislation, citing a handful of measures, and concern about potential future directors of the Consumer Financial Protection Bureau.

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Scott Brown

Brown Finally Committs To Supporting Wall Street Bill

Brian Beutler | July 12, 2010, 12:26PM

Sen. Scott Brown (R-MA)

Coy no more. Sen. Scott Brown (R-MA) says he expects to vote for the Dems' Wall Street reform bill.

"While it isn't perfect, I expect to support the bill when it comes up for a vote," reads a statement from Brown's office. "It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes."

By remaining undecided, Brown and other Republican moderates forced Dems to put off passing the Wall Street reform bill and sending it off to the White House until after the July 4 recess. That's a familiar pattern: Senate Republican leaders have pushed swing vote Republicans to at least delay passage of Democratic initiatives.

Brown now gives Dems 59 votes. They'll still need both Maine senators if they hope to pass the bill before West Virginia governor Joe Manchin appoints a replacement for Robert Byrd. One of them, Susan Collins, has indicated her support, but Dems are still shy one commitment: Olympia Snowe. According to Senate leadership, a vote on the final legislation could come as early as this week. You can read the entire statement below the fold.

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Financial Reform

Wall Street Reform Likely To Pass With Cantwell Support

Brian Beutler | July 2, 2010, 8:50AM

Sen. Maria Cantwell (D-WA)

Last night, Sen. Maria Cantwell (D-WA)gave the final Wall Street reform bill the thumbs up. In May, Cantwell was one of two Democrats to oppose the Senate-passed bill from the left, and had been mostly silent about the legislation for weeks. But by announcing her intent to vote for the financial reform conference report, Cantwell all but assures the legislation will pass.

"I will vote in support of the conference report because it makes great strides toward our ultimate goal: bringing all standard derivatives onto exchanges and clearinghouses, with aggregate position limits and strong anti-manipulation tools," Cantwell said in an official statement. "...This legislation is not perfect, and I will continue to push for even bolder action - including a return to the Glass-Steagall separation of commercial and investment banking - to reign in Wall Street, put an end to the concept of 'too-big-to-fail.' But this bill makes significant strides toward preventing the kind of financial meltdown that we saw in the fall of 2008."

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Ben Nelson

With Millions Losing Benefits, Ben Nelson Blocks Extension Of Unemployment Insurance

Brian Beutler | July 1, 2010, 9:18AM

Sen. Ben Nelson (D-NE).

Sen. Ben Nelson (D-NE) last night prevented his fellow Democrats from finally passing legislation to extend needed unemployment insurance benefits to out of work Americans. It was the third time the legislation, which has been repeatedly pared down and reshaped in the hunt for votes, has failed to overcome a filibuster. But it was the first time that success or failure rested on a single deciding vote. And because Nelson, the most conservative Democrat in the Senate, joined Republicans and blocked the bill, it will likely not pass until mid-July, after the Senate returns from Independence Day recess. By then Robert Byrd's replacement will be seated, and Dems will have the votes they need to pass their jobs bill.

Here's what happened.

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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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Financial Reform

He's Out! Brown Says He's A No On Financial Reform

Brian Beutler | June 29, 2010, 12:16PM

Sen. Scott Brown (R-MA)

Sen. Scott Brown is no longer undecided. He says he'll certainly vote against the Wall Street reform conference report unless it is changed to remove a fee on big banks added during final negotiations.

"I am writing you to express my strong opposition to the $19 billion bank tax that was included in the financial reform bill during the conference committee," Brown wrote today in a letter to Senate Banking Committee Chairman Chris Dodd, and House Financial Services Committee Chairman Barney Frank. "This tax was not in the Senate version of the bill, which I supported. If the final version of this bill contains these higher taxes, I will not support it.

Here's the thing, though: They can't change the conference report. It's unamendable. To accommodate Brown, the House and Senate would have to reconvene the conference committee, which could easily imperil their plan to get the bill to President Obama by the end of the week, ahead of the July 4 recess.

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Robert Byrd

Collins Pulls Back Support For Wall Street Bill Over Bank Tax

Brian Beutler | June 28, 2010, 9:00PM

Sen. Susan Collins (R-ME)

Sen. Susan Collins (R-ME) joined Sen. Scott Brown (R-MA) this evening, putting herself back into the undecided column on Wall Street reform legislation, after House and Senate negotiators added new fees on banks to the final bill late last week.

"It was not part of either the House or Senate bill and was added in the wee hours of the morning. So I'm taking a look at the specifics of that and other provisions as well," Collins told reporters this evening outside the Senate chamber.

If both she and Brown oppose financial reform over bank fees, it could stall or even kill the legislation. Democrats would have to sweep the remaining swing votes--Sens. Olympia Snowe (R-ME), Chuck Grassley (R-IA), and Maria Cantwell (D-WA)--to pass the legislation. They want to pass the bill this week, but the death of Sen. Robert Byrd has thrown into doubt whether they'll have the votes lined up before the fourth of July recess.

Robert Byrd

In Passing, Byrd Leaves Dems One Vote Shy Of Wall Street Reform

Brian Beutler | June 28, 2010, 9:50AM

The late Sen. Robert Byrd (D-WV)

Today the Senate will mourn the passing of its longest serving member in history, Robert Byrd (D-WV). But by week's end, Democrats want to pass final -- and unamendable -- legislation, rewriting the rules that govern Wall Street. And they have no margin for error -- or for losing a colleague.

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Susan Collins

Liberal Groups Target Snowe, Collins On Jobs Bill

Brian Beutler | June 21, 2010, 6:00AM

Sen. Susan Collins (R-ME) and Sen. Olympia Snowe (R-ME)

With Republicans (and a couple Democrats) holding up legislation in the Senate that would extend unemployment benefits and provide needed aid to states, liberal groups are ratcheting up the pressure on GOP moderates to cross the aisle and break the impasse.

In a six-figure buy, Americans United for Change (AUC), and the American Federation of State, County and Municipal Employees (AFSCME) will run the television ad embedded below in Maine. The ad targets Republican Sens. Susan Collins and Olympia Snowe, who are both helping to block the legislation.

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Financial Reform

Vote To End Debate On Financial Reform Falls Short In Senate

Ben Frumin | May 19, 2010, 4:38PM

Sen. Harry Reid (D-NV)

Senate Democrats failed this afternoon to get the 60 votes they needed to end debate on the financial reform bill.

Two Republicans crossed the aisle and voted with the Democrats. But with multiple Democrats voting against cloture, and another absent, the Democrats fell just short. The final vote was 57-42.

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Blanche Lincoln

Down To The Wire: Democratic Leaders Scramble To Keep Financial Reform From Unraveling

Brian Beutler | May 19, 2010, 9:06AM

Sen. Chris Dodd (D-CT)

What had been a fairly non-contentious debate over Wall Street reform legislation nearly came off the rails on Tuesday after Republicans--tacitly backed (or at least unimpeded) by top Democrats--used Senate rules to block votes on far-reaching, consumer-friendly amendments, portending a potential progressive revolt.

This afternoon at 2 pm, Senate Majority Leader Harry Reid will attempt to bring debate on the financial reform bill to a close, though it remains unclear whether he has the 60 votes he'll need to prevail.

A big reason for that? A number of Democrats--most vocally, Sen. Byron Dorgan (D-ND)--have threatened to vote against ending debate until their flagship amendments get a vote on the floor. But Republicans are standing in the way, saying they'll filibuster those amendments, subjecting each to a 60 vote requirement, and, more importantly, several days' worth of delay. Faced with a choice between picking a fight with Republicans over those amendments and simply moving ahead with the bill, Democratic leadership has, for now, chosen the latter.

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Financial Reform

Democrats Press Swift End To Fight Over Wall Street Reform

Brian Beutler | May 18, 2010, 10:01AM

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

Democrats and Republicans may once again be poised for a head-to-head collision over Wall Street reform.

Senate Majority Leader Harry Reid started the clock yesterday, and it is now ticking down toward a key Wednesday test vote, where Democrats will learn whether or not they have assuaged (or intimidated) enough Republicans to break a filibuster.

Leadership wants every Democrat, and at least one Republican on board, but at this late hour it's not clear they have either. Feeling burned by leadership, and dubious that the legislation reaches far enough to truly rein in excess on Wall Street, Sen. Byron Dorgan (D-ND) has threatened to join the filibuster, unless his amendment that would ban trading in naked credit default swaps gets a vote on the floor. Discussions between Dorgan and other leaders continues, but thus they remain at an impasse.

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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

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

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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