Democrats failed to get the 60 votes needed to begin debate on the bill as all Republicans in the 100-member chamber voted against moving forward. Fifty-seven senators voted for the measure and 41 voted against.

The move had been expected to fail, and Democratic leader Harry Reid was among those voting against in order to give the parties more time to reach a compromise. Obama issued a statement that he was deeply disappointed in the vote, even as Democratic leaders said they were optimistic that both sides would soon agree to a reform bill.

A lack of consumer protections and a lack of accountability on Wall Street nearly brought our economy to its knees, and helped cause the pain that has left millions of Americans without jobs and without homes, Obama said. The reform that both parties have been working on for a year would prevent a crisis like this from happening again, and I urge the Senate to get back to work and put the interests of the country ahead of party.

The measure includes stronger controls to stop banks from conducting risky business and protections for consumers.