Just as he did at crucial times during the healthcare reform bill passage, Nebraska's Ben Nelson again split with the rest of the Democratic party and voted with the Republicans to hold up the financial regulation reform legislation.
The Democrats plan to bring fresh votes to end debate – and thus over-riding the filibuster – tomorrow and Wednesday if needed, and remain confident that they can win the additional Republican vote required to get over the 60 vote hurdle to do so.
Nelson's grand-standing may be a temporary gesture but it could give the Republicans valuable political cover, since it allows them to deny the charge that only Republican obstructionism is holding the bill back.
The suspicion is that Nelson has been swayed by Nebraska's most famous financier, Warren Buffett, who has been lobbying hard for an exemption on existing derivatives contracts from the new bill.
In response to the vote, President Obama was quick to attack the Republicans in strong language:
I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin. Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can't afford that … I urge the Senate to get back to work and put the interests of the country ahead of party.
