The GOP knows it can't do more, ultimately, than slow down legislation. So instead, they threaten filibusters over aspects of legislation that don't exist, then take credit for removing them and pose as protectors of the people on the basis of utter fiction.
We saw this with the "death panels" lie, which worked. This time, it's the idea that the new bank regulation bill will institutionalize bailouts when it explicitly forbids them. The GOP is banking(you'll excuse the term) a lot on its base not bothering to do more than take their fractured word on these things. And an ineffective Democratic communication machine that's always late to explain these simple things, sadly, giving the Republicans a chance to pounce in with their lies.
"Eternity in the company of Beelzebub, and all of his hellish instruments of death, will be a picnic compared to five minutes with me & this pencil." --E. Blackadder, 1789 Questionable
words & pictures from John Linton Roberson