McConnell predicts bipartisan support for Wall Street reform

Senate Minority Leader Mitch McConnell (R-Ky.) predicted bipartisan support on Tuesday for a Wall Street reform bill.

The top Senate Republican said that senators in both parties were likely to back the bill once the process concludes, which McConnell said would stretch into next week.

"The reason you see a bipartisan approach to the bill is there's going to be bipartisan support of the bill at some point," McConnell told reporters at the Capitol following the weekly GOP luncheon. "I doubt many people in our caucus think nothing ought to be done."

Republicans had stood together on three procedural votes to block beginning debate on the financial reform bill that had been crafted by Sen. Chris Dodd (D-Conn.), the chairman of the Senate Banking Committee.

GOP senators have backed amendments to the bill in varying degrees, with a major sticking point still revolving around the role and extent of consumer protection rules in the bill.

The Senate is in its second week of debate and amending the bill, which Senate Majority Leader Harry Reid (D-Nev.) has said he hopes to wrap up this week.

That timeline is unlikely, McConnell said.

"This is a bill that's clearly going to go into the week after next in order to cover the subject," said the Kentucky Republican.

Eric Zimmermann contributed to this report.