According to some media reports, Democrats and Republicans in Washington sparred over an attempt to begin debate on a massive financial reform bill Thursday.

Time was up, attempting to sway Republicans to proceed with a floor debate on the issue, Senate Majority Leader Harry Reid, D-Nev., said.

The New York Times reported him to say on Thursday, "I'm not ready to waste any more time of the American people."

Informal negotiations to close the gap between the parties were making progress and should be allowed to proceed, Sen. Mitch McConnell, R-Ky., his counterpart, said.

He would call for a procedural vote Monday, a tactic that would put Republicans in a corner, as votes against the debate could appear as if they were obstructing progress while emotions are running high, Reid has said.

Wall Street executives had forgotten the billion-dollar deals they strike affect average citizens, said U. S. President Barack Obama in a speech Thursday in New York.

The Washington Post has reported that before the speech, Sen. Richard Shelby, R-Ala, said, "I'm more optimistic than I've ever been. I think we can put a bill together pretty soon,."

The Times further said that Reid on Wednesday hailed an Agriculture Committee vote to regulate derivative trading as a "bipartisan committee vote," after one Republican -- Sen. Chuck Grassley, R-Iowa -- voted to approve the measure. (With Inputs from Agencies)