By Vicki Needham - 04/26/10 06:07 PM EDT
A proposed financial regulatory reform bill contains loopholes allowing for future bailouts and Republicans will stand united against the bill, Senate Minority Leader Mitch McConnell (R-Ky.) said Monday on the floor.
McConnell expects all 41 Senate Republicans will vote against moving to debate the measure at 5 p.m. today.
"A vote for cloture is a vote that says we're doing listening to the American people on this issue," he said. "A vote against ending this debate is a vote for bipartisanship, for working out an iron-clad solution to the problem of 'too big to fail."
Democrats need 60 votes tonight to end a Republican filibuster on the bill and bring the debate to begin on the measure.
"As we consider this legislation today, Republicans are also acutely aware of the fact that government solutions to big, complex problems like this one are rarely as effective as they're made out to be, especially when they're rushed," McConnell said.
Democrats and Republicans have been trying to reconcile the major components of the bill but hadn't reached an accord by Monday afternoon while Senate Banking Chairman Chris Dodd (D-Conn.) and the panel's ranking member Richard Shelby (R-Ala.) met this afternoon to discuss the bill.