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Republicans Block Financial Reform Bill

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Republicans in the Senate have blocked a bill on financial regulatory reform, for now.

Nebraska's Democratic Senator Ben Nelson joined a united Republican caucus in preventing the bill from coming up for debate Monday afternoon. The New York Times reports Nelson is concerned over strict regulations on derivatives included in the bill.

The vote, 57 to 41, left Democrats well short of the 60 votes needed to open debate on the measure. Two Republicans did not vote. Republicans argue the bill will institutionalize bank bailouts and will over-regulate the financial system.

Democrats accuse them of siding with Wall Street and promise to push ahead with the bill.

"“Some of these senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can’t afford that,” President Obama said in a statement, according to Politico.