From NBC's Ken Strickland and Mark Murray
We've gone from "All Night Long" to "Let's Make a Deal."
It appears the pieces are in place to end the standoff on the Senate financial reform bill -- in place, but not completely done.
As Senate Minority Mitch McConnell suggested in a statement, Democratic Sen. Chris Dodd and Republican Sen. Richard Shelby have reached a deal on the "too big to fail" component of the bill. The details are still unclear, but it more than likely pertains to the $50 billion fund to wind down failing firms. Shelby didn't get everything he wanted for sure, but he got something. The consumer protection agency is still a big area on contention.
The next thing is for Shelby is to present his deal to the entire Senate GOP caucus. That will happen in a closed-door meeting at 4:30 pm in the Capitol. In that meeting, Republicans will then decide if they want to vote to allow the debate to begin on the bill. They've blocked it three times so far.
A GOP source tells NBC News that "it's probably enough" to end the filibuster and start debate on the bill. If that's the case, there will still be at least of few days of debate and voting on amendments on bill before final passage.
And then there's the House. It passed a completely difference version of the bill in December. And that means one of two things could happen.
First and the easiest, the House could take up and pass the Senate bill. Or the House and Senate would "conference" or merge the bills, followed by each chamber voting again to pass that new merged bill.