Washington (CNN) -- Senate Democrats called out Republicans on Thursday for what they said was the promotion of "falsehoods" on the financial reform bill and vowed to move the bill forward.

Republican leadership has "decided the best way to stop it ... is by polluting the debate with myths and mischaracterizations," Senate Majority Leader Harry Reid said at a news conference after President Obama's speech on financial reform in New York.

"I'm not going to waste any more time. ... If they let us go to it, we'll be happy to start debate," Reid said. "The games are over."

The Senate's financial reform bill would set up new regulatory oversight of the financial industry's practices with the goal of preventing another Wall Street meltdown like the one in 2008 that launched the U.S. recession.

Approved by the Senate's Banking and Agricultural committees, the bill includes an "early warning" system intended to spot signs of another crisis, as well as a $50 billion liquidation fund created with money from banks and other finance industry corporations to ensure an orderly transition in closing down failing entities.

On Thursday, Reid filed a motion to end debate on the bill, setting up that vote for Monday. The expected outcome of the vote is too close to call.

Reid said Democrats are willing to work with Republicans if they are earnest about pushing the bill forward.

Senate Minority Leader Mitch McConnell shot back at Reid's claims, saying on the Senate floor, "here we go again."

"The majority leader is once again moving to a bill, even while bipartisan discussions on the content of the bill are still under way," he said, referring to the health care bill that was recently signed into law.

The Kentucky Republican criticized Democrats and the White House for "ramming" health care reform down Americans' throats.

He said it's important to take the time to get the bill right and said discussions should continue.



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"Now, I think Americans expect more of us. I think they expect us to take the time to do it right."

But Democrats say the lesson they learned from the health care debate was to push back immediately against false claims.

Sen. Chuck Schumer, D-New York, said Democrats let too many health care reform "lies" go unchallenged.

"On the health care bill, we allow too many lies to get out there without rebuttal because we thought they were so obviously untrue. But we've learned our lesson," he said.

His solution: "The minute these things come out the mouths of some of our Republican colleagues, we rebut them, and we rebut them again and again."