Sens. Dodd, Shelby say no deal on financial bill ahead of Monday vote

The top two senators negotiating the terms of the financial regulatory reform bill said Sunday that a deal has not been reached ahead of a key test vote Monday.

Senate Banking Committee Chairman Chris Dodd (D-Conn.) and ranking Republican Richard Shelby (Ala.) both said on NBC’s “Meet the Press” that the two sides still have differences over the bill, indicating Republicans will stymie a vote to begin debate on the measure.

{mosads}”We’re getting there. We’re close, we’re still getting there. We’re not there yet,” Dodd said.

Shelby also said that senators are close to a deal, adding “We need to improve two or three things in it. It’s been very tedious.”

Dodd and Shelby both agreed that a deal could get done as early as Monday.

“I think in the next few days, weeks we’ll get it done, maybe even tomorrow we can get it together,” Dodd said.

Senate Democratic leaders have forged ahead with a vote to proceed with debate Monday, which requires 60 votes to pass, over Republican objections. With only 59 votes in the Senate, Democrats need to pick off at least one Republican to move forward.

But Shelby said that was not likely to happen by Monday because Republicans are still dissatisfied with the Wall Street bill Dodd drafted.

“I think that the Democrats will not get cloture, but that’s the first vote,” he said, adding that a deal could be reached if lawmakers reach a deal. But he said that the GOP would continue to block debate until both sides agree on the language.

Dodd said he “hopes” the vote passes but admitted it “may not” succeed. Still, he urged lawmakers to open debate on the measure intended to address the causes of the 2008 financial crisis.

“It’s been 17 months after someone broke into our house, in effect, and we still haven’t even changed the locks,” he said.

Shelby expressed confidence he would for the bill if he finds a finished product suitable.

“I’d be a yes vote if it is a good bill; I think we’ll get there,” he said.