Group of Senate Democrats Against Larry Summers at the Federal Reserve

Talking Points Memo report that Senate Democrats have sent a letter to President Barack Obama. These mostly undisclosed Democrats are against Lawrence Summers being appointed as chairman of the Federal Reserve.

"There's a lot of concern among a lot of Democrats about an appointment of Larry Summers to that long-term position as Fed chairman," Sen. Tom Harkin (D-IA), who signed the letter, told the Journal. "He was one of the architects of getting rid of Glass-Steagall, of getting rid of other regulations. There's real concern about his economic views not really being in line with Obama's views."

Sens. Dianne Feinstein (D-CA), Dick Durbin (D-IL) and Angus King (I-ME) are also confirmed to have signed the letter.

These groups of Democrats want Obama to appoint Janet Yellen as chair of the Federal Reserve. Sheila Bair, former chair of the FDIC, makes the case to appoint Yellen. Bair notes Yellen's resume and knocks Summers role in deregulation.

That could change if the heir apparent to succeed Ben Bernanke as Chair of the Federal Reserve Board, Janet Yellen, is nominated for the job by President Obama. Certainly, there is no better qualified candidate to fill Bernanke's shoes when he steps down in January. A noted economist, Yellen headed the Council of Economic Advisors for two years; led the San Francisco Federal Reserve Bank for six years; and has served ably as Bernanke's Vice Chairman since 2010. Unlike Larry Summers, Tim Geithner, and Bob Rubin -- minions frequently mentioned in the financial press as potential Bernanke successors -- she was not part of the deregulatory cabal that got us into the 2008 financial crisis. In fact, she had a solid record as a bank regulator at the San Francisco Fed and was one of the few in the Fed system to sound the alarm on the risks of subprime mortgages in 2007.

Bair and Ezra Klein report there currently a whisper campaign against Yellen's nomination. The question is who is behind the whisper campaign?

Mitch McConnell's Hysterical Threat

Senate Minority Leader Mitch McConnell says that if Majority Leader Leader Harry Reid goes nuclear on presidential nominations.

“There not a doubt in my mind that if the majority breaks the rules of the Senate to change the rules of the Senate with regard to nominations, the next majority will do it for everything,” McConnell said on the floor.

McConnell already requires that all legislation, amendments and nomination pass the 60 vote threshold. McConnell is threatening to do what he already does for all votes. McConnell hysterically filibustered his own.

Democratic Whip Dick Durbin made this comment on McConnell filibustering his own legislation.

“This may be a moment in Senate history when a senator … filibustered his own proposal,” he said. “I don’t think this has ever happened before.”

McConnell's threat should not be taken seriously. McConnell will punish the Democrats, if Republicans win back the Senate. The nuclear option will not sway McConell from blocking Democratic legislation.

This is What Bipartisanship Looks Like

Sen. John McCain McCain and Sen. Dick Durbin have an actual debate on the Senate floor. McCain and Dubin disagree on several points. McCain and Durbin do agree that the United States cannot default and that elected members of Congress must govern. McCain takes House Republicans to task for their insistence on a balanced budget amendment in the Constitution.

Health Care Deadline in Limbo

Senate Majority Whip Dick Durbin says it is unlikely to have a have a health care bill ready for President Obama before the recess.

“We’re going to take a little longer to get it right,” Durbin told The Hill when asked about the oft-stated goal of a vote on or before Aug. 7, when a monthlong Senate recess begins. “Initially we had hoped for a full vote by then, but I don’t think it’s going to be possible.”

Majority Leader Harry Reid is sticking (at least publicly) to the deadline.

Asked Tuesday about the pre-recess deadline, Majority Leader Harry Reid (D-Nev.) had stuck to it, telling reporters “my desire is to get it done this work period … But the goal is not a deadline. The goal is comprehensive healthcare reform. People out there need it.”

Speaker Nancy Pelosi left open the possibility the House of Representatives will work through the recess. It is less likely the House will work through the recess if the Senate goes on vacation.

Illinois Se. of State Approves Burris

Illinois Sec. of State Jesse White signed Ronald Burris's paperwork. That means there are no obstacles preventing Burris from being seated.

One matter holding up Burris seating, he and Durbin said, was a ruling by the state supreme court expected this week on whether White is legally required to sign Burris' letter of appointment. White has taken the position that Blagojevich, accused of seeking to benefit financially from filling Obama's seat, did not have legal authority to make the appointment.

Additionally, Senate Democrats want sworn testimony that Burris did not promise Blagojevich anything in exchange for the appointment - sort of political insurance in case other news came out after his seating in the Senate.

Then, Reid said, the Senate will almost certainly hold a vote on whether to seat Burris.

An Illinois Supreme ruled Burris does not need White's approval. White has certified Burris's appointment. The state supreme court and Sec. of State have both ruled the appointment is legal. The U.S. Senate has little choice, but to approval Burris. Let the backpeddling begin.