WaPo: Dodd, Shelby hit impasse, imperiling financial system legislation

[steve2470]

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/05/AR2010020502157.html?hpid=topnews

The divide between Republicans and Democrats over how to protect borrowers from abusive lenders continues to jeopardize the prospects for legislation to overhaul the nation's financial regulatory system -- a top priority for President Obama.

Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate banking committee, said Friday that he and the committee's ranking Republican, Sen. Richard C. Shelby (Ala.), had once again "reached an impasse" in negotiations over the bill. But Dodd said he would press on.

"While I still hope we will ultimately have a consensus package, it is time to move the process forward," Dodd said in a statement. "I have instructed my staff to begin drafting legislation to present to the committee later this month."

Dodd and his fellow Democrats could advance the bill from the banking committee to the Senate floor. But with the recent election of Sen. Scott Brown (R-Mass.), they have lost the ability to pass legislation without some Republican support.

more at link above

[brand404]

1. "they have lost the ability to pass legislation without some Republican support"

Just so i get this straight....prior to the lucky chance of stubbling into the 60 senator total they had, the democratic party although elected by the people by an amount that has rivaled any other senate majority for the last 70 years, is in a position now because of that 1 lost senator is 100% incable of getting ANYTHING passed without republican support?!?! What a lie! But i am guessing the party is hoping the public believes it too so they dont have to push for strong legislation. The system is broken.

[Dr.Phool]

3. Hey, they've got a 41-59 majority.

Nothing we can do.

[quantass]

4. +1 Well said

[brand404]

2. If Dodd moves on without Repub support why will he still choose to water it down...

My bold prediction