On CNN’s “Late Edition,” Specter and Schumer traded sometimes personal jabs over the political rhetoric on the economy, which is changing the dynamics of several key Senate races and has significantly increased the chances of a Democratic landslide in November.

Each party’s Senate leaders pledged they would not launch attacks over any senator’s vote for the $700 billion bailout bill, which was enacted this month. But the economic crisis has suddenly put the Republican leader in a close race against Democrat Bruce Lunsford.

“If we take partisanship out of this mix, I think we have a lot better chance of going to the heart of this problem and solving it,” Specter said after criticizing Schumer’s previous opposition to new rules on mortgage giants Freddie Mac and Fannie Mae and hedge funds.

“I find it ironic that Arlen first says: ‘Let’s take partisanship out of it,’ then makes a partisan comment after we agreed on what to do,” Schumer started to respond, before a flustered Specter interjected.

“What do you want, a unilateral disarmament, Chuck?” Specter asked sarcastically.

Schumer defended the DSCC’s ads, saying they did not mention McConnell’s votes and focused on his support for deregulation of the financial industry.

“Let me just say this, it’s a legitimate issue to discuss what brought us to the brink here,” Schumer said.

Specter didn’t buy it, saying that Schumer shouldn’t break a gentleman’s agreement for a political attack.

Schumer tried to jump in, but Specter ripped him for interrupting.

“Let me finish, Chuck, nobody successfully interrupts you,” Specter said.

“You’re doing a pretty good filibuster, Arlen,” the famously loquacious Schumer responded.

“You got to be pretty aggressive with you, Sen. Schumer,” Specter said angrily, to which the Democrat retorted: “You’re known as a shrinking violet, Arlen.”

“What’s fair is fair, Schumer is not being fair,” Specter said.

Schumer downplayed the “so-called gentleman's agreement,” but he said the attacks are focused on GOP senators, like McConnell, who “went willingly and happily” along with the Bush administration’s approach to deregulate financial institutions that made risky bets.

“The problem with Sen. Schumer’s last filibuster is, you don’t need an explicit agreement when there is an implicit agreement with gentlemen, you follow it through,” Specter said. “When he says that McConnell was responsible for prior votes, well so was he.”

Specter started talking about how Congress needs to revisit regulatory policy, and Schumer interjected by saying he agreed.

But Specter wasn’t taking the olive branch.

“Interrupting again, that’s his whole stock and trade,” Specter said, adding, “When Schumer points the finger to McConnell, he ought to look at the mirror.”
As the segment ended, Schumer said sarcastically: “It’s nice to be with you too, Arlen.”
“I think time of the possession wasn’t quite the same, but OK,” Specter said, smiling.