Reid vows open amendment process for financial reform bill

Two Senate leaders agree that a financial regulatory reform bill isn't finished but they disagree about how to ready it for passage. 

Senate Majority Leader Harry Reid (D-Nev.) vowed an open amendment process if Republicans will agree to begin debate on the measure. 

Whereas Senate Minority Leader Mitch McConnell (R-Ky.) has taken a closer look at the legislation and wants it tightened before starting debate. 

"It's not a finished product but it's certainly ready for prime time," Reid told reporters after the party lunches. "We've worked on this bill for weeks and weeks and we can't solve problems if we're not willing to talk about them."

Monday's failed cloture vote wasn't about final passage and Republicans should be willing to debate the issues on the floor rather than trying to make an agreement before moving ahead, Reid argued. 

McConnell argued that getting a bipartisan bill "is a lot less likely to happen through amendments on the floor."

The Senate will hold another cloture vote at 4:30 p.m., which will likely fail because no accord had been reached on the bill this afternoon.