WASHINGTON (CN) - Senate majority leader Harry Reid, D-Nev., is calling for a procedural vote on the financial reform bill Monday, betting that he can get at least one Republican to avoid a filibuster. But Republicans are resisting the quick move. Senate minority leader Mitch McConnell, R-Ky., said the bill "still contained a number of loopholes" that would allow for future taxpayer bailouts.
In a speech on the Senate floor Thursday, McConnell also issued a challenge to President Obama, saying, "The administration has said it wants to end bailouts. Prove it." He said the bill still gives the administration the authority to use taxpayer funds if a financial institution is in crisis. McConnell says he wants approval to come from Congress first.
In Obama's address Thursday at Cooper Union in New York City, the president countered the criticism, saying it is "not legitimate to suggest that somehow the legislation being proposed is going to encourage future taxpayer bailouts, as some have claimed. That makes for a good sound bite, but it's not factually accurate."
"A vote for reform is a vote to put a stop to taxpayer-funded bailouts," Obama said. "That's the truth. End of story."
Republicans may adhere to the bill to avoid being painted as standing next to Wall Street.
The Senate will hold a cloture vote on a motion to proceed with the bill on Monday.
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.