Washington (CNN) - A deal is close on a Senate financial reform bill, the leading negotiators said Sunday, but Republicans warned they are not yet prepared to launch debate on the measure.
Democratic Sen. Christopher Dodd of Connecticut and Republican Sen. Richard Shelby of Alabama told NBC's "Meet the Press" that they would continue working Sunday to reach a deal on one of President Obama's top legislative priorities.
Dodd said the Senate's Democratic leadership plan is to open debate on the bill on Monday, but Shelby warned that might be too soon. Republicans have enough seats in the Senate to block the start of debate.
The Senate's top-ranking Republican, Mitch McConnell of Kentucky, told "FOX News Sunday" he also believed a deal was likely, but not as soon as Monday.
"We don't have a bipartisan compromise yet," McConnell said. "But I think there's a good chance that we're going to get it."
Asked if Republicans will allow debate on the bill to proceed Monday, McConnell said he didn't expect that to happen.
Updated: 1:51 p.m.