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"I'm more optimistic than I've ever been," said Sen. Richard C. Shelby (Ala.), the lead Republican negotiator. "I think we can put a bill together pretty soon." His counterpart in months of talks, Sen. Christopher J. Dodd (D-Conn.), chairman of the banking committee, agreed that they were on the cusp of a consensus.

The likely emergence of a bipartisan consensus is a notable departure from the fractious debate over health-care legislation, which passed last month without a single Republican vote. This time, some Republicans say they hope to ultimately support the financial bill, which arose out of an economic crisis that has left millions of Americans angry and bereft of their jobs, homes and savings.

Democratic and Republican Senators appeared to be closing in on a financial regulatory reform deal Wednesday, but Democrats said that regardless of the outcome of talks, they are confident they have Republicans on the run and are in a position to force the bill to the floor next week.

“There is no question we have the upper hand on the bill in general and message-wise, because we want to move forward with real strong reform and the other side keeps finding reasons not to move forward,” Democratic Conference Vice Chairman Charles Schumer (N.Y.) said.

But there was no question Republicans were still softening their tone. Just a week ago, Senate Minority Leader Mitch McConnell (R-Ky.) said Democrats were pursuing a bill that would “guarantee” future bailouts of Wall Street banks.

Thune said his colleagues were committed to a bipartisan solution, but he acknowledged that Democrats have been effective in applying political pressure on Republicans by creating the perception that any opposition to the bill was a defense of the status quo.

…. Republicans also bristled Wednesday because — even as they were trying to be more accommodating on the issue — liberal Democrats were continuing to rail against them on the Senate floor.

“It’s not helpful,” one Senate GOP aide said.

In his speech [today], Obama will call on financial executives to abandon what he says is their "furious efforts" to block an overhaul bill by hiring an army of lobbyists, according to excerpts released Wednesday night by the White House.

 

 

"I want to urge you to join us, instead of fighting us in this effort," Obama plans to say. "I am here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector."

 

He plans to chide those on Wall Street who helped cause the financial meltdown, saying, "A free market was never meant to be a free license to take whatever you can get, however you can get it. That is what happened too often in the years leading up to the crisis."

 

...."His rhetoric got really sharp and really mean" in the last two weeks, one top GOP aide said of Obama. "That's what changed."

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