Reid files cloture on Wall St. bill, setting up key Monday vote

Senate Majority Leader Harry Reid (D-Nev.) filed cloture on Wall Street reform legislation, setting up a Monday procedural vote on the legislation.

Republican leader Mitch McConnell (R-Ky.) objected to a motion to proceed with the legislation on Thursday afternoon, reasoning that negotiations were still going on between the two parties on a bipartisan deal.

But Reid said he would press forward with a vote on Monday at approximately 5:15 p.m., and would offer any agreement between Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Ranking Member Richard Shelby (R-Ala.) as an amendment or substitute.

Still, Reid lashed out at Republicans for what he said were dilatory tactics on the legislation.

"We should be on the bill today, having debate, voting on amendments," the top Senate Democrat said during a floor speech.

McConnell offered encouragement to Dodd and Shelby, adding that he hopes an agreement can be struck in order to keep the bill to have passed through the Banking committee from coming to the floor.

"I would encourage them to do what they've been doing, which is to reach an agreement," he said. "Hopefully the bill we turn to will not be the one that came out of committee on a party-line vote."