GOP Blocks Action On Financial Regulation Bill

Senate Republicans have blocked Democrats' efforts to begin debate on overhauling the nation's financial regulatory system. The vote was the first Senate showdown on the sweeping legislation.

Democrats failed to get the 60 votes Monday needed to begin debate. One Democrat, Sen. Ben Nelson of Nebraska, voted with the Republicans to delay the start of debate. Republicans said they hope to secure a bipartisan compromise on the legislation, which aims to prevent a recurrence of the 2008 financial crisis. Democrats indicated they did not intend to cede much ground and vowed to test the Republican unity with another vote this week.

The Democratic leader, Sen. Harry Reid, switched his vote to "no," in a maneuver that allows him to call for a new vote.