Voinovich's public reasoning is that negotiations behind the scenes deal with Republicans have gone nowhere. Susan Collins, a moderate Republican Senator from Maine was another individual cited as breaking ranks.The press in the story linked speculates that public opinion in favor of the bill may have also been forcing Republican hands - usually Democrats to force repeated public votes on legislation that is being filibustered.
A fig leaf of a concession also helped move the legislation forward.
Sen. Richard Shelby, the top Republican on the Banking Committee, said Wednesday he had received assurances that Democrats would adjust the bill to address GOP concerns that it would perpetuate bailouts of banks. . . .
Republicans said they now expect Democrats to jettison a $50 billion fund that would have been financed by banks to help liquidate large failing institutions. The Republicans said they also expect Democrats to tighten language so the bill would mandate that shareholders' stakes in a failing firm be wiped out. The current bill says there would be that presumption.
It is hard to see that the concern about bank bailouts is actually widely held in the Republican caucus (the bank bailouts were conducted on the watch of George W. Bush), but the change certainly doesn't weaken the basic thrust of the bill, and the Republican embrace of an anti-bailout position, may have doomed their chances of prevailing on the legislation as a whole.