Financial reform bill will wait for debate

In a 57-41 vote, Republicans in the Senate successfully blocked further debate on sweeping financial reform legislation making its way through the legislative body.

Republicans formed a united front against the bill, saying it did not do enough to ensure the government would not have to bail out large institutions in the future.

Democrats countered that the blocking move is slowing down much-needed reform in the wake of one of the most devastating financial meltdowns since the Great Depression.

Despite the impasse, both parties are thought to be working on a compromise, which could be announced within the next few days.

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