In his June 19th speech to the nation, President Obama criticized Republicans for blocking legislation on a bill that extends unemployment benefits for American workers who have lost jobs through no fault of their own and saves the jobs of thousands of teachers, cops, and firefighters. Republicans are also refusing to allow a debate or vote on the bill that removes the liability cap of $75 million on the amount oil companies must pay to families and businesses who suffer economic losses as the result of a spill.
He noted that as he spoke, 136 highly qualified men and women he nominated for key positions in the federal government are still awaiting a vote on the floor of the Senate. Republican leaders are blocking their confirmation even though the vast majority have support from both parties.
"Gridlock as a political strategy is destructive to the country. We have an obligation that goes beyond caring about the next election. We have an obligation to care for the next generation."
Listen to the President's 4 minute speech.
Senators Amy Klobuchar and Al Franken Led Momentum to Strengthen the Wall Street Reform Bill
Robert Kuttner, coeditor of the American Prospect and fellow at DEMOS, explains how serious financial reform gained momentum led by freshman senators such as Amy Klobuchar and Al Franken. "Thus, by a wide margin of 64-35 . . . the Senate passed Senator Al Franken's surprise amendment to reform corruption in credit rating agencies by having financial clients allocated randomly rather than by paying agencies to give good ratings to junk." Another 
important amendment led by Amy Klobuchar requires strong underwriting standards on all mortgages, and prohibits kickbacks to mortgage companies who peddle high-risk, high-cost products. Both amendments were neither in the Dodd bill nor the White House bill, and both passed by wide margins with Republican support. Read Kuttner's interesting analysis of the process of strengthening the Senate bill, including the important role of issue organizations. Kuttner views the bill an an important step forward and suggests additional changes needed in the financial sector that go beyond the Wall Street Reform Bill:
