Obama Slams GOP on Financial Reform

Republican opposition to financial reform reached new heights this week when Senate Minority Leader Mitch McConnell (R-KY) derided Democratic efforts as a new "bailout," but President Obama appears more than happy to leap into the fray. In his weekly radio address Saturday, Obama slammed McConnell for meeting with two dozen Wall Street executives shortly before he attacked the bill this week. "Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we’ve proposed," Obama said. "In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts—when he knows that it would do just the opposite." Obama touted several provisions of the bill as much-needed reform, including a consumer protection agency, new restrictions on the shady and unregulated derivatives market, and a clear system for dismantling failing banks. "Simply put, this means no more taxpayer bailouts," Obama said. Rep. Eric Cantor (R-VA) delivered the weekly Republican address, warning that higher taxes would create a "bleak future for our kids and grandkids" and calling for cuts to government spending.