Reid vows open amendment process for financial reform bill

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.