Senate Republicans block Wall Street bill a third time

Senate Republicans, for a third time this week, blocked Democratic plans to crack down on Wall Street.

In a 56-42 vote, Republicans prevented Democrats from opening debate on a wide-ranging financial overhaul. Senate Democrats scheduled a third vote in three days to pressure Republicans into opening debate.

"This ought not at this juncture to be a partisan issue," said Senate Banking Committee Chairman Chris Dodd (D-Conn.). "I believe fully that there are a number of my colleagues who ought to get to this debate. That's not to suggest that they agree with the product."

Dodd and Sen. Richard Shelby (R-Ala.), the top Republican on the banking panel, have been locked in bipartisan negotiations. Republicans have explained their votes as a way to allow the bipartisan talks to continue.

Dodd has said repeatedly that he and Shelby will make more progress managing the legislation in public on the Senate floor.

A series of Republicans said earlier on Wednesday the bill will come to the floor eventually.

"There's no question, the bill will come to the floor," Sen. Bob Corker (R-Tenn.) said on CNBC this morning. Corker said it is unlikely that Democrats and Republicans will strike a bipartisan agreement.