Deal reached on part of the financial reform bill, could reach the floor soon

Republicans announced resolution of bailout loopholes on the financial regulatory reform bill Wednesday afternoon as talks break down. 

"Now that bipartisan negotiations have ended, it is my hope that the majority's avowed interest in improving this legislation on the Senate floor is genuine and the partisan gamesmanship is over," said Senate Minority Leader Mitch McConnell (R-Ky.) in a statement. 

A meeting on moving forward on the bill is set for 4:30 p.m., according to a senior Republican aide. 

Senate Democratic leaders were pushing for an all-nighter and recurring votes to move the bill earlier today. 

Senate Banking ranking member Richard Shelby (R-Ala.) had said he had received assurances from Sen. Chris Dodd, (D-Conn.), that Democrats would accept changes to the 'too big to fail' portion of the bill. 

"Chairman Dodd has assured me that he will address a number of concerns I have expressed with respect to ending bailouts," Shelby said in a release. "We have been unable, however, to make any meaningful progress on other important components of the legislation. It is now my believe that further negotiations will not produce additional results."

Senate Majority Leader Harry Reid (D-Nev.) said he would allow an open amendment process on the floor to insure the bill in improved and tightened. 

Still, McConnell said he is still "deeply troubled by a number of provisions in this bill and will work aggressively in the days ahead to ensure the majority does not use our mutual interest in regulating Wall Street to extend the federal government's unwanted hand into Main Street."

Updated 4:18 p.m.