The Senate will not take a procedural vote this week to advance Democrats' financial regulatory reform bill.

Jim Manley, a spokesman for Senate Majority Leader Harry Reid (D-Nev.), told HuffPost Hill that votes would not begin on the legislation until next week, past the initial deadline for a vote.

Reid had reportedly hoped to begin floor debate on the bill as soon as Wednesday, but Republican senators' refusal to sign onto the legislation meant a delay in Senate action.

Sen. Susan Collins (R-Maine) dealt a setback to Democrats by refusing to vote for the motion to proceed, which requires 60 votes to begin debating an issue, after a meeting with Treasury Secretary Tim Geithner. Pressure also mounted Monday afternoon as well on Sen. Olympia Snowe, another Maine Republican, with whom Geithner also met.

Talks are ongoing between Democrats and Republicans on the bill, though Reid and Senate Banking Committee Chairman Chris Dodd (D-Conn.) have stressed their unwillingness to let negotiations to drag on for too long.