World Business

US Senate fails to end debate on financial reform bill

(Xinhua)
Updated: 2010-05-20 15:47

In a setback for the Obama administration, Senate Republicans have succeeded in blocking a final Senate vote on a massive financial reform bill, according to media reports Thursday.

The vote was 57- 42 to cut off debate and march to final passage. Democrats needed 60 votes to accomplish that. Two Republicans voted with a majority of Democrats for cloture.

Democrats are surprised at the loss of the widely supported bill.

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"Democratic Senator Arlen Specter was nowhere to be found when the voting was going on and another senator broke his words with me," Senate democrat Leader Harry Reid said during an interiview with CBS.

However, Reid also noted that he wanted to be able to have another vote on Thursday.

The bill, proposed by Senate Banking Committee Chair Chris Dodd, a Democrat, would map a way to dissolve the so-called "too big to fail" firms in a bid to avoid massive taxpayer-funded "bailouts" introduced in late 2008 amid the financial crisis.

After the vote, Christopher Dodd said he was confident there would be sufficient votes on the next attempt to limit debate and move the Senate toward a decision on final passage of the measure.

(Agencies)