Dems in 'mood of cautious celebration' about financial reform

Democrats are in a "mood of cautious celebration" after Republicans agreed to let debate move forward on financial reform, Sen. Sheldon Whitehouse (D-R.I.) said today.

Whitehouse told reporters that a planned all-night session on financial reform has been called off now that Republicans have relented.

"Given the recent news, [this press conference] is being held in a mood of cautious celebration," Whitehouse said. "I think it's a positive turn of events."

Republicans agreed to let debate move forward after convincing Democrats to remove the "resolution fund" that GOPers claimed would lead to more bailouts. Democrats argued the fund would come from fees on banks and would not use taxpayer dollars.