Dems Seek to Pass Financial Overhaul Bill

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Now that healthcare reform has passed, Democratic lawmakers say they want to overhaul Wall Street. The goal is protect taxpayers against "too big to fail" financial institutions.

"We cannot have a circumstance in which a meltdown in the financial sector once again puts the entire economy in peril," President Barack Obama said.

But at a White House meeting Wednesday, Republicans signaled they are not buying it. They see the plan as just another government takeover of private industry.

"It is a bill that actually guarantees future bailouts of Wall Street banks," said Senate Minority Leader Mitch McConnell, R-Ky.

The bill includes a $50 billion fund to help troubled banks.

Democrats say the money would be funded by banks. But GOP lawmakers say that fund could be quickly depleted, and taxpayers would have to cover the rest.

Senate Majority Leader Harry Reid, D-Nev., said he wants to move quickly on the bill. Aides say debate could begin next week.

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