Senate Republicans Make Their Choice

And they're siding with the banks.

Democrats have promised to put the legislation--authored by Senate Banking Committee Chairman Chris Dodd--to a key test vote, whether or not Republicans are happy with the proposal itself, or feel they've had enough input in its construction. That puts Republicans in a tricky position: either they take a politically risky vote and block debate on a Wall Street reform bill, or they cede the upper hand to Democrats. But political risk or no, the GOP is gearing up for full bore opposition--and that would leave Democrats shy of the votes they need to put the bill on the floor.

Senate Republican Leader Mitch McConnell has rounded up 40 signatures on a letter, to be delivered to Democratic leadership, pushing for a compromise package that has pre-cooked bipartisan support, according to a GOP aide. Sen. Susan Collins (R-ME) is the sole Republican who has not signed on yet--but though she's been long viewed as a potential crossover vote, she's decided to oppose the Dodd bill in its current form.
"I oppose Senator Dodd's bill," Collins said today, adding:

If the letter says I don't support the bill, I am happily going to sign it. I am still talking with my colleagues about whether a letter is the most effective way to send the message, or whether there are better ways, and those discussions are still ongoing. I agree with my colleagues that the Dodd bill is deeply flawed. But, as a former financial regulator, I also feel strongly that the current system is very flawed. We need a financial regulatory bill, just not this one.

McConnell's office isn't releasing the letter, and it's unclear whether it contains an explicit threat to vote against a motion to begin debating the legislation--in fact one source says the letter draws no bright lines. But some key signatories suggested tonight that they would indeed block it from coming to the floor.

I really don't understand this one.  When Republicans oppose something the Democrats want to do that's a rough stretch in the polls like health care reform, Republicans go on TV and say "Democrats are not listening to the people" and hold it up that the Donks are out of touch with the American mainstream, and even go so far as to question the legitimacy of the Democrats in government.  They then lead a brigade of red state AGs to sue to block the implementation of the law, and decry it as unconstitutional.

When Republicans oppose something that has a clear popular mandate, like reining in Wall Street banks and preventing another multi-trillion dollar collapse, something that has an easy majority among voters, Republicans suddenly don't give a damn anymore about the polls.

Suddenly, what the American people want no longer matters to the GOP anymore.  Of course, it never really did, but it's a nice way to be self-serving hypocrites.

The real problem is that you're not going to see anyone in the Village call out the GOP on "going against the will of the American people" either.