HIGH-RISK POKER – AT 7:28 P.M. ET:  Wall Street is not popular right now, and Republicans know that, if they're linked to The Street, it will hurt them in November.   But they're united in the Senate in opposing a bill they consider defective.  This is high-risk, given public attitudes toward the "financial community."  Fox has it:

Republican lawmakers stuck together Monday in preventing a massive financial regulatory bill from proceeding in the Senate, despite efforts by Democrats to portray the GOP as supporters of Wall Street -- not Main Street.

In a key test vote Monday evening on the financial regulatory bill, all Republican senators -- and one Democrat -- voted to block debate on the legislation.

Sen. Oylmpia Snowe, R-Maine, and Sen. Ben Nelson, D-Neb., were among the lawmakers who bjected to the bill moving forward. All 41 Republicans voted to prevent the debate from starting in order to give Banking Committee Ranking Republican Sen. Richard Shelby, R-Ala., a chance to continue negotiations on a compromise with committee chairman Chris Dodd, D-CT.

President Obama said shortly after that he was "deeply disappointed" that Senate Republicans voted to block debate on the bill.

No way.  He was delighted.  The Dems are maneuvering in the Senate to force Republicans to vote against "reform" because they know it's a great political issue.  Republicans can only come out on top here if they produce and vote for a new measure.

Harry Reid gave the party line:

"As far as I can tell, the only thing Republicans stand for is standing together," Reid said on the Senate floor Monday afternoon. "But a party that stands with Wall Street is a party that stands against families and against fairness."

Polls show Americans are moving toward supporting tighter controls on financial institutions, and freshman Democrats have told leadership they want this kind of confrontation with Republicans.

A senior Senate leadership aide told Fox News that Democrats will continue to ask for the approval of all members to start debate on the package Monday as a way to further highlight what they say is Republican obstructionism.

COMMENT:  There is a general consensus, even among Republicans, that financial reform is needed.  The question is whether the Democrats want to produce a good bill, or simply work to paint Republicans as obstructionists. 

April 26, 2010