Senate Democratic leaders on Thursday rejected Republicans' objections to a financial reform bill and said they would bring the legislation to a floor vote next week.
While Republicans continued to argue the bill would not end "too big to fail," and was littered with loopholes, Democratic leaders said the time for compromise has passed. "We are hoping to get it to the floor next week," Senate Majority Leader Harry Reid said at a press conference. "We have been working on this for months coaxing … cajoling."
Sen. Charles Schumer, D-N.Y., questioned Senate Republican Leader Mitch McConnell's comments that the bill would enable endless taxpayer bailouts. "I don't understand what Sen. McConnell is saying," Schumer said. "I don't think anybody does. He gets up there and says we are opposing this bill because we don't want another taxpayer-funded bailout of large financial institutions, and neither do we, and Sen. [Chris] Dodd's bill prevents this."