Within 48 hours, the Republican line on financial regulatory reform went from “filibuster” to “we’re very close to a deal.” Why the shift? Republicans and Democrats will offer up spin all day, chalking up the progress to their own doggedness, but in the end it comes down to a simple reality. Key Republicans, sincere about passing new rules for Wall Street, but intimidated by the notion of blocking financial regulatory reform, let it be known to their leadership that, at some point, they would side with Democrats to break a filibuster. Maybe not on round one, or even round two. But eventually.
Funny what happens when you don’t make tons of concessions in advance.