Senate rules for the 112th Congress should be established within the next 24 to 48 hours, Senate Majority Leader Harry Reid (D-Nev.) told reporters Tuesday afternoon.

Numerous aides and some senators are reporting that Senate leadership is nearing a deal that would not roll back the power to filibuster as much some Democrat's had wished for.  

The Senate reconvened as expected at 2.15 p.m, however, due to extended caucus lunches, a press conference that started nearly 45 minutes late and other factors, there has been no floor action so far. 

Stay tuned.