Neither Senate Democrats nor Republicans seem all that confident that they have identified a winning strategy when it comes to the upcoming financial regulatory reform debate.
Though Democratic leaders claim they are willing to bring the bill to the floor as soon as Thursday with or without GOP support, they are also relying on a full-court press by the White House and Treasury Secretary Timothy Geithner to recruit the crucial Republican votes that they need to overcome a threatened GOP filibuster.
Republican leaders contend their 41 Members are united against the package and prepared to make good on that threat if Democrats dont change it to their liking. On Monday, Banking, Housing and Urban Affairs ranking member Richard Shelby (R-Ala.) said: I think Republicans will hang together right now, and Im not sure Sen. Reid would want to push a vote.
But privately GOP aides acknowledge that the vote count is far from certain. And Republican Conference Chairman Lamar Alexander (Tenn.) hinted the Republicans did not necessarily have the commitment of all GOP Senators to block the bill from coming up.
We have 41 Senators who want to play a part in a bill that should be a bipartisan bill, Alexander said, adding that the bill would need to be bipartisan either before it goes on the floor or before it goes off the floor. The No. 3 GOP leader said he is meeting with Geithner today.
Senate Minority Leader Mitch McConnell (R-Ky.) appeared to soften his rhetoric on the bill Monday, noting on the floor that it could be massaged to win GOP support. McConnell had earlier been using strong language to suggest Democrats need to take a step back and return to the negotiating table, rather than push a partisan, bailout bill.
These problems are not insurmountable. This bill is not unfixable, McConnell said.
The 59-member Democratic Conference needs 60 votes to beat back a filibuster or invoke cloture on a motion to proceed to the bill. Senate Majority Leader Harry Reid (D-Nev.) could file a cloture motion on the bill as soon as Thursday, aides said. That would likely set up a vote for Monday.
Leaders from military and veterans service organizations joined Sens. Roger Wicker, R-Miss., Kelly Ayotte , R-N.H., and Lindsey Graham, R-S.C., at a press conference to urge the Senate to replace a provision in the budget proposal that cuts retirement benefits for veterans. Wicker, Ayotee, and Graham earlier called for a bipartisan solution to replace the $6.3 billion in cuts to military retiree benefits.
Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club.