Tuesday, 27 April 2010

Republicans filibuster premature Democrat attempt to discuss financial reform in USA Senate

(Catholic Watchdog South Africa; c.f. Fox News Radio (Conservative; Secular; American; Independent, but some link it to Republican beliefs) 26 / 04 | April / 2010 (The 5 minute news summary has since been updated); Radio Vaticana (Catholic; Hierarchical with relative independence; Vatican based) 27 / 04 | April / 2010 )

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|External Note: Republicans fear more bailouts, of the scope of those of Obama and of Bush.|

Article by Marc Aupiais

Title / Heading: Republicans filibuster premature Democrat attempt to discuss financial reform in USA Senate

Financial reform is thought to be Barack Obama’s Democrats’ number one priority, as the approval ratings of the US president have dipped to and even below the psychological 50% mark. Unemployment is just below 10%, and with passing of controversial healthcare legislation without any Republican support, despite mass public concerns, and without much of the vital explanations media believed were due to the public, Obama and his Democrats have much to worry about at the November polls, especially with recent iconic Republican wins in by-elections. One of the Republican wins has insured that unilateral financial reform has been filibustered in Yesterday’s procedural Senate vote. The reform is hoped by some Democrats to be a platform to garner support for Democrats via a focus on helping small rural business, and other reforms which could win Democrats votes in November. Republicans have also noted support for reform, but with some slight alterations to the bill, which they see as necessary.

The Democrats, Yesterday, had 57 votes on their side for the financial reform, while 41 Republican side nay votes opposed a proposal in the American Upper House of Parliament, to open debate on the matter; this was enough in the procedural vote to prevent thus far, financial reform, under the current Democrat proposal.

The Republicans are also concerned to insure financial reform goes through, especially as around two thirds of Americans reportedly are in favour of reforming the financial sector, after the recent aftermath of the hot-point of the financial crisis, and given the bail-outs during the Republican Bush, and Democrat Obama Administrations: of firms which otherwise, in ordinary capitalism, would have failed.

Their concerns relate to small but vital segments of the bill. They believe that the federal government could be over-reaching, and would prefer certain details of what they see as a complex issue to be ironed out more carefully. Despite this, their negotiators have reported to media that they are close to a solution. Fox news, a popular news service in America, accused by some of a sympathy towards the Republican cause has said that it is unlikely the Republicans will delay for much longer, due to a desire to garner the support of public opinion ahead of November elections.

Republican efforts at stricter financial regulations, pushed by Republican John McCain and others: during the 1990’s were blocked by Democrats, and it would seem unlikely for the bill to pass without Republican support, since Kennedy was replaced with Brown: as a representative in the Senate from Massachusetts, once a Democrat stronghold.

While both sides have claimed that they are close to a negotiated solution, the Democrats attempted, Yesterday: to push the bill forward for discussion prior Republican satisfaction, in a move similar to the unilateral overhaul of healthcare pushed through by the Democrats, and in the unilateral manner Barack Obama has pushed through legislation in: for much of his presidency. This despite promises of discussion and at attempting bi-partisan efforts during campaigning against his then Republican rival John McCain. Barack Obama has speeches set up in multiple areas (ending in a spot in Illinois), in order to garner more public support for the overhaul.

The question is whether Republicans will gain their concessions on details they believe should change, before the bill is either voted through or before the though highly unlikely, possible shelving of the legislation. The Democrat position seems to be aiming for a Democrat bill to pass, with as few of the Republic concessions within it as possible. Republicans could make an embarrassment for Obama before November polls, but have much to risk given high public support for financial reform, but also given the cost to public confidence, if they pass an inadequate bill, or are seen as a non-issue, or as betraying their ideals as regards Wall Street and other issues of importance to conservative voters: in the Senate.

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