Senate Majority Leader Harry Reid and Senate Banking Committee Chairman Christopher Dodd today characterized GOP efforts on pending legislation to revamp financial regulation as too partisan and non-inclusive.

"With so much bipartisan progress on the substance of the legislation, it seems clear that we could quickly pass a bipartisan bill if both sides were working in good faith. Unfortunately, the Senate Republican leadership seems more interested in mischaracterizing the legislation and protecting Wall Street," Reid and Dodd wrote in a letter to Senate Minority Leader Mitch McConnell.

The Democratic leaders were responding to a letter signed by all 41 Senate Republicans expressing their opposition to the bill, which passed the Senate Banking Committee along party lines after negotiations broke down between Democratic and Republican panel members.

The Republicans said they are united in their opposition to the "partisan legislation," which "allows for endless taxpayer bailouts of Wall Street," and the consequences of the bill will "reverberate across our economy for years to come."

Reid and Dodd didn't address specific criticisms of the legislation but noted that Dodd had other Democrats work closely with several GOP members in writing parts of the bill.

Tomorrow the Senate is scheduled to take its first procedural votes on whether to begin discussion of the bill.