Reid could file cloture on financial reform tonight

Senate Democratic leadership may take the first step sometime today to ending debate on financial regulatory reform legislation. 

Majority Leader Harry Reid (D-Nev.) said if Republicans "stick to their strategy of indefinite delay" he will file cloture as soon as Monday night so a final vote can be taken later this week on the measure. 

At the same time, Reid urged the bill's managers -- Senate Banking Chairman Chris Dodd (D-Conn.) and ranking member Richard Shelby (R-Ala.) -- to continue negotiating amendments to strengthen the measure. 

"I remind all of my colleagues that the amendment process does not end with cloture is filed, or after it is invoked," Reid said. 

The Senate also has a full plate of work before the rapidly approaching Memorial Day recess arrives, Reid reminded the chamber. 

Upcoming items include an emergency supplemental for the wars in Iraq and Afghanistan and U.S. disaster relief, as well as a tax extenders measure being worked out between the House and Senate.