Cloture vote set for Monday on financial reform bill

Senate Majority Leader Harry Reid (D-Nev.) on Thursday said a vote slated for Monday evening will determine whether his chamber begins debate on financial reform legislation. 

"I'm not going to waste anymore of the American's people time," he said, adding, "The games of [Republican] stalling are over."

Senate Republicans have been saying for quite some time that a bipartisan deal on financial reform is in the offing. That agreement has yet to materialize. 

Reid said Democrats have worked with Republicans for 3 months and the chamber simply cannot afford to further postpone action on the bill. Issues like climate change, immigration reform, and judicial nominees have backed up and require attention sooner rather than later. 

"I would like this [financial reform] bill off the floor next week." Reid said.

Republicans will be allowed to offer amendments on the floor. 

"We want them to join us," said Sen. Chuck Schumer (D-N.Y.). "They say they want reform, come and deal with us." 

The New York senator also cautioned Republicans against making false claims against the bill. He said Democrats learned their lesson during the recent health care debate to quickly rebut false accusations made by Republicans to keep the claims from going viral. 

"We learned our lesson," he said. "The minute these things come out of the mouths of our Republican colleagues, we rebut them. And we rebut them again and again." 

Senate Republican Leader Mitch McConnell (R-Ky.) recently claimed that the financial reform bill would allow bank bailouts to continue. Democrats contend the accusation is untrue, but, when pressed, Reid stopped short of calling McConnell a liar. 

"There is no question in my mind that the statement he has been making is not true," Reid said.