GOP says not opposed to financial overhaul

WASHINGTON — A top House Republican says lockstep GOP opposition to a Senate effort to begin debating a bill revamping financial regulations does not mean his party opposes an overhaul.

Senate Democratic leaders are expected to try starting debate today on the overhaul legislation, which will require 60 votes. Senate Republican leaders have said all 41 GOP senators will vote against the move, which would block the start of debate.

California Republican Rep. Darrell Issa maintains 41 “no” votes by Senate Republicans “is a yes vote to more comprehensive reform, more balanced reform.”

Speaking on CBS News’ “The Early Show,” Issa said the bill does not do enough to restrain Fannie Mae and Freddie Mac, the giant lenders that lost billions in bad loans.