TPM: Cloture vote on Wall Street reform fails 57-42. I'm with Feingold.

[flpoljunkie]

http://tpmdc.talkingpointsmemo.com/2010/05/senate-vote-to-end-debate-on-financial-reform-bill-falls-just-short-57-42.php

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.

Some Democrats whose votes were still in doubt earlier today -- like Sens. Carl Levin (D-MI) and Jeff Merkley (D-OR) -- voted in favor of cloture. But others -- Sens. Maria Cantwell (D-WA) and Russ Feingold (D-WI) -- voted against cloture.

Two Republicans voted with the Democratic majority -- Sens. Susan Collins (R-ME) and Olympia Snowe (R-ME). But with two Democrats opposed, and Sen. Arlen Specter (D-PA) absent, it wasn't enough.

Senate Majority Leader Harry Reid (D-NV) also voted against cloture, though this was simply for procedural reasons that allow him to bring up the motion again.

Before the vote, Reid said "we have really worked hard" and that "there has been a show of bipartisanship in this bill."

The vote was delayed from its scheduled 2 p.m. ET start time -- presumably while Democrats tried to sort out how to appease progressives who wanted votes on their amendments, or to try and convince Republicans to stop blocking votes on those amendments.

Also today, TPMDC confirmed that Sen. Chris Dodd (D-CT) plans to drop his push to weaken derivatives reform.

Late Update: Feingold has released the following statement explaining his "no" vote, saying that "Ending debate on the bill is finishing before the job is done."

After thirty years of giving in to the wishes of Wall Street lobbyists, Congress needs to finally enact tough reforms to prevent Wall Street from driving our economy into the ditch again. We need to eliminate the risk posed to our economy by 'too big to fail' financial firms and to reinstate the protective firewalls between Main Street banks and Wall Street firms. Unfortunately, these key reforms are not included in the bill. The test for this legislation is a simple one - whether it will prevent another financial crisis. As the bill stands, it fails that test. Ending debate on the bill is finishing before the job is done.
Later Update: After the vote, Reid told reporters that "a Senator broke his word with me." He didn't name names.

Additional reporting by Brian Beutler.

[BunkerHill24]

1. You are with Finegold...yes?

How many Dems you disliked along a way?

Surely, you liked some of them? no?

....have you asked Mr. Feingold how he feels about Mr. MCain?...any idea about finance reform' in the senate?

[ProSense]

2. Sorry, this is a lame reason to vote against cloture

Dorgan threatened to do the same thing and voted yes. Cloture isn't the end of adding amendments to the bill.

Roll Call

YEAs ---57
Akaka (D-HI)
Baucus (D-MT)
Bayh (D-IN)
Begich (D-AK)
Bennet (D-CO)
Bingaman (D-NM)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Byrd (D-WV)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Collins (R-ME)
Conrad (D-ND)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
Lincoln (D-AR)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Reed (D-RI)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Snowe (R-ME)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)

NAYs ---42
Alexander (R-TN)
Barrasso (R-WY)
Bennett (R-UT)
Bond (R-MO)
Brown (R-MA)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Cantwell (D-WA)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Feingold (D-WI)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
LeMieux (R-FL)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Reid (D-NV)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)

"Later Update: After the vote, Reid told reporters that "a Senator broke his word with me." He didn't name names."


Hmmmm!

[flpoljunkie]

12. Evidently Cantwell can't get a vote on Glass-Steagall cause leadership thinks

it will pass.

[flpoljunkie]

13. Read cloture promise was Scott Brown, R-MA

[Jennicut]

3. So is this bill dead or does it go back to debate?

[jefferson_dem]

4. So you're "with Feingold"?

How about the 40 Republicans who also voted against cloture... who want to filibuster financial reform? Personally, this is bullshit. If this bill isn't pure enough for Feingold and Cantwell, they are free to vote against it. But they need to get the fuck out of the way so we can VOTE.

[flpoljunkie]

8. Yes, and Cantwell and the other Dems who want a bill worth passing

You betcha. We need a vote on Merkley-Levin and Whitehouses' amendment to rein in credit card companies, as well as Cantwell's return to Glass-Steagall.

The bill right now doesn't keep us from having another financial meltdown.

[Uzybone]

5. To be fair this is not that big a deal

Once Specter returns to the Senate (to serve out his term) and Reid sits with Cantwell and Feingold, we will have our 60.

[ProSense]

7. You're right, but

when two Republicans vote for cloture (and at least one is a must), it's silly for the Dems to play games. Merkley-Levin (Volcker Rule) absolutely has to be in this bill.

As for what happens now, debate on financial regulation will continue. More amendments will be considered, at least if Democrats and Republicans can come to an agreement on whether to consider them. And another cloture vote will have to be called. That might be bad for the Senate schedule, but it's probably good for the bill. This is the rare process in which the amendments are making the legislation substantially better. If the Senate has to work over Memorial Day to accommodate that process, so be it.

link

Reid said one Senator went back on his/her vote commitment, but they needed two additional votes plus Reid's, not one. Why even bother with a cloture vote that is going to fail?

[flpoljunkie]

9. Thanks for your post. Totally agree.

[Sebastian Doyle]

21. You really think Specter is going to continue to pretend to be a Democrat now?

Why would he? He's got no reason left to pretend.

[DCBob]

6. So Feingold should be willing to take the blame if we have another financial meltdown...

while we are waiting for the "perfect" bill to be passed.

[flpoljunkie]

10. No. The Dem leadership will pay price for bad or no bill in November.

[depakid]

11. You've got that bass ackwards

The rest of the Democrats ought to take the blame when there's another meltdown.

[DCBob]

14. I got it right..

your intepretation is basswards.

[depakid]

17. No- you've show through post after post that you don't grasp substantive policy

Even your nom de guerre implies as much.

[DCBob]

18. Grasp this...

There is another vote comng today and this bill will clear cloture... with or without Feingold.

[Hippo_Tron]

15. Reid should not have scheduled the vote

[boston bean]

16. Scott Brown told Reid he would vote for it, then didn't.

I heard Scott Brown say it himself on the way home from work on Boston RW Radio.

[rucky]

19. Snake chasing tail?

If we make the changes needed to get Cantwell & Feingold on board, will we lose Snowe & Collins and still not have the votes?

[DCBob]

20. Only need one more vote. Since Specter is back and Harry will vote yes this time.

So maybe get Cantwell or just one more GOPer -- then Feingold's vote is irrelevant.