House Approves Sweeping Financial Reform Bill

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Democrats are declaring partial victory with their financial reform bill after the House approved the sweeping bank overhaul Wednesday night.

The bill is still being held up in the Senate where its future is uncertain. President Obama had wanted to sign it into law before the July 4th recess, but now, that's not expected to happen.

Meanwhile, the back and forth continues between the President and House Republican leader John Boehner over how he described the bill.

"This is killing an ant with a nuclear weapon," Rep. Boehner said.

"Do you think the financial crisis was an ant, and we just need a little ant swatter to fix this thing, or do you think that we need to restructure how we regulate the financial system?" Obama said in response.

"Their bill is not about fixing the problems on Wall Street, it's about taking control of our entire financial institutions," Boehner shot back.

Democrats insist the overhaul will prevent another financial meltdown like the one in 2008. Republicans say it gives vast new powers to the same regulators who failed to stop that crisis.

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