Democratic Party Takes Hit as Chris Dodd Announces He Won't Seek Re-Election

Democratic Senator Chris Dodd has announced that he will not be seeking a sixth term in November, a key blow to President Barack Obama who counts the 65-year-old Connecticut politician as one of his chief allies.

Dodd currently chairs the Senate banking committee and has been a major figure in Obama’s initiatives dealing with the financial crisis as well as the healthcare debate.

While many believe Dodd would have had a difficult time winning re-election, he has been criticized for a loan he received from a subprime lender in 2008, the decision could be an indication of what’s to come in November.

The Democrats currently have a 60-40 majority in the Senate but that is expected to shift significantly when a third of the senate seats will be contested.

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