As far as I’m concerned, it ain’t over till it’s over.

The Washington Daily News

Wall Street Journal

Investors Business Daily

From the story:

(Senator}Cantwell was visibly irritated during the vote as Democratic leaders approached her several times. At one point, she could be heard saying to Reid, “Jesus Christ, Harry.”

Feingold said he was not satisfied that the legislation would prevent another financial meltdown. “Ending debate on the bill is finishing before the job is done,” he said in a statement.

Democrats said they were hopeful that they would win back at least one Democrat who voted against the measure on Wednesday — most likely Cantwell. Party leaders expect other Republicans, including Brown and Sen. Charles E. Grassley (R-Iowa), both of whom have voted with Democrats on key amendments, to join Snowe and Collins in supporting the bill.

Politico explains what the “dissident” Dems and Republican Senator Brown want:

In an unusually dramatic vote, a measure to cut off debate on the Wall Street bill failed 57-42. Democrats Maria Cantwell of Washington and Russ Feingold of Wisconsin voted no, and Democrat Arlen Specter of Pennsylvania was not in the chamber.

Cantwell said she wanted votes on two amendments and made clear she wouldn’t go along with Reid’s schedule without it. Feingold said the bill failed the test of preventing another financial crisis.

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Reid would need to work out some sort of agreement to allow consideration of amendments that Cantwell, Brown and others have deemed as necessary before they can support the bill. But Republicans have thwarted Democratic attempts to arrange votes on key amendments, resulting in the standoff that led to Wednesday’s defeat.

The Senate will resume debate at 9:30 a.m. tomorrow.   I guess Reid and Dodd will be working behind the scenes to get a couple of more Democratic votes.

Senator Cantwell, who voted against cloture, wants tougher derivatives language.

Apparently the strategy is to keep going with the bill.  Might be votes tonight.

Only 57 votes.  They needed 60.   They really have 59.  Majority Leader Reid’s vote NO is tactical to give him the option of calling for another vote.  Senator Specter missed the vote.    If Reid and Specter vote AYE, then they need one more vote for cloture.

What does this mean for the payday lending industry?  I have no idea.   Cloture would have limited amendments.   How the failure of cloture is dealt with is up to the majority leader.   He could scrap the bill (unlikely), twist arms and get cloture (likely), or make a deal with Republicans  (I have no idea how likely that is.)

They’re holding it open.  Dems are two votes short.   Arm twisting going on.

I think we should be rooting FOR cloture.   Watch here.

Reid postponed the cloture vote in order to shore up Democratic support.  They begin a caucus meeting at 2:15.