Battle lines are drawn: Mitch McConnell’s office emails out a letter, signed by the entire GOP caucus, pledging to oppose the Dems’ financial regulatory reform plan unless they adopt a more “bipartisan” approach.
The letter repeats the widely-debunked claim that the reform plan would lead to endless bailouts, and claims the GOP caucus is “united” in opposition, suggesting McConnell has been able to keep the caucus together and prevent defectors...
The GOP is widely thought to be in a far weaker position this time than during the health care fight. It seems like a much bigger gamble to unanimously oppose financial regulatory reform, given public anger at Wall Street and the big banks, and given the GOP’s historic association with the sort of deregulation that helped lead to the current crisis.
But Republicans are rolling the dice. Dems are widely expected to introduce the bill next week and dare Republicans to maintain unity against it. Dems’ move.
Full GOP letter here.