In it, but not of it. TPM DC

Reid: GOP Wasting Our Time On Financial Reform Legislation

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Republicans are holding out until their top negotiator--Sen. Richard Shelby (R-AL)--gets a vote on his first amendment, changing the way the bill winds down large, failed financial firms. Reid sees no reason for this, calling it a "phantom amendment." And, indeed, the procedural objection fits the GOP pattern of trying to run the clock as long as possible on every issue, to eat up floor time needed to consider other issues, including climate change, and the forthcoming Supreme Court nominee.

Perhaps because of that, Reid is already warning members: be prepared to cancel your vacation plans.

"[W]e started on this two weeks ago tomorrow -- two weeks ago," Reid said on the floor this morning. "And we have been stalled ever since. Now maybe today there will be a breakthrough, and we'll be able to legislate. We don't have a lot of time to spend on this bill."