Financial Reform Fails ... Senate Will Try Again Tomorrow
The Senate voted late Wednesday afternoon to end debate on financial reform, and Democrats couldn't muster the 60 votes they needed. Two Democrats broke from their party for a 57-42 final tally.
The Atlantic Business Channel's Daniel Indiviglio explains why: Washington's Maria Cantwell wants the Senate to hear her amendment to reinstate Glass-Steagall, the rule that would prevent retail banks from doing some types of investment banking; Wisconsin's Russ Feingold, one of the more liberal Democrats in the Senate, says the bill wouldn't end "too big to fail," and he sounds as if he also wants Cantwell's amendment included.
The Senate will vote again tomorrow, according to Senate Majority Leader Harry Reid's spokesman Jim Manley. If Democrats stay unified and move forward with 60 votes tomorrow, it will be another 30 hours before a final vote can be taken.