Senate Republican leader Mitch McConnell says there is no support within his party for the financial overhaul plan outlined last week by Democrats.

Republicans say they believe the bill goes too far and could limit the availability of credit.

McConnell's declaration puts on shaky ground legislation that President Barack Obama has made a top priority. The bill by Senate Banking Committee Chairman Chris Dodd would extend government oversight of financial institutions and empower regulators to dismantle failing firms that threaten the broader economy.

Democrats hold a majority in the Senate, although some of their more conservative members might be tempted to side with Republicans if they think the proposal could hurt the financial industry. Democrats have said they think at least some Republican support might be needed to pass the bill.