From the FINANCIAL TIMES:
Democrats in the Senate on Wednesday failed to amass enough votes from their own party to overcome the last big hurdle to financial regulatory reform.
The delay gives more time for banks to convince senators that the legislation represents a risk to the markets, but it also provides an opportunity for the bill to be toughened further…
The motion required 60 votes to pass but fell short with 57. Harry Reid, the majority leader in the Senate, voted against for procedural reasons while Arlen Specter, the Democrat from Pennsylvania, failed to make it back to the chamber after his humiliating defeat in Tuesday night’s primary election…
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