McConnell Willing to Let Senate Debate Finance Bill

Photographer: Brendan Hoffman/Bloomberg

Senate Minority Leader Mitch McConnell, a Republican from Kentucky, listens to a question from the media following the Senate policy lunches in Washington, D.C. , in this file photo. Close

Senate Minority Leader Mitch McConnell, a Republican from Kentucky, listens to a... Read More

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Photographer: Brendan Hoffman/Bloomberg

Senate Minority Leader Mitch McConnell, a Republican from Kentucky, listens to a question from the media following the Senate policy lunches in Washington, D.C. , in this file photo.

Senate Republican leaders signaled a willingness to let debate begin on a financial-overhaul bill after talks reached an impasse and Democrats threatened to keep the chamber in session indefinitely.

Senate Republican leader Mitch McConnell said in a statement that “bipartisan negotiations have ended” and he hoped that “the majority’s avowed interest in improving this legislation on the Senate floor is genuine and the partisan gamesmanship is over.”

Senator Richard Shelby said today his talks with Senate Banking Committee Chairman Christopher Dodd to reach bipartisan compromise on a financial overhaul bill had reached an impasse.

“It is now my belief that further negotiations will not produce additional results,” Shelby, an Alabama Republican, said in a news release.

Republicans scheduled a 4:30 p.m., Washington time, caucus for Shelby to brief members on the status of his discussions with Dodd, said a Republican leadership aide who spoke on condition of anonymity. At the meeting, Shelby and McConnell will solicit views of Republicans on their willingness to proceed to a floor debate, the aide said.

To contact the reporters on this story: James Rowley in Washington at jarowley@bloomberg.net; Alison Vekshin in Washington at avekshin@bloomberg.net

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