Mitch McConnell has rounded up the necessary votes to block Democrats from bringing Wall Street reform to the Senate floor, a spokesman for the Senate Minority Leader said on Friday afternoon.
Senate Majority Leader Harry Reid (D-Nev.) said on Thursday he planned to bring the bill to the floor next week where it would be debated and amendments added. McConnell has now persuaded 41 Republicans to vote against debating reform.
'We simply cannot ask the American taxpayer to continue to subsidize this 'too big to fail' policy. We must ensure that Wall Street no longer believes or relies on Main Street to bail them out. Inaction is not an option," McConnell writes in a letter to Reid that was provided to HuffPost.
Democrats have been battering McConnell all week for his firm opposition to the Democratic reform effort.
Reid spokesman Jim Manley told HuffPost that Reid will be moving ahead regardless.
"Congratulations. I hope they feel good," said Manley. "They've got 41 signatures on a weak, watered-down letter that simply calls for more negotiations. If they are at all serious, they will simply let us go to the bill next week and let the amendment process begin."
Manley said the bill will be brought up for a vote on a motion to proceed to debate later this coming week.