Key Senate Republicans on Tuesday began to back away from their sharp criticism of proposed new financial regulations and expressed optimism that a bipartisan deal on a bill that would drastically change the way Wall Street operates could emerge in the coming days.

After a week of attacking the proposals as paving the way for new taxpayer "bailouts," Minority Leader Mitch McConnell (R-Ky.) said on the Senate floor that he was "heartened to hear that bipartisan talks have resumed in earnest." Later, after a meeting with fellow Republicans, he told reporters that while he believes that there are still serious flaws in the legislation, "I'm convinced now there is a new element of seriousness attached to this, rather than just trying to score political points. . . . I think that's a good sign.

Read the entire Washington Post article here.