While Senate Majority Leader Harry Reid has put in motion plans to begin financial reform formal debate in the Senate later this afternoon, several senior members of the GOP predict that such a debate will not come to pass quite yet, especially because it appears that a bipartisan compromise plan may be forthcoming in the very near future. As such, it is likely that even the most partisan Democrats may be willing to hold out for a few more days and drum up more support.
On the other hand, Republican Senator Lindsey Graham brought climate legislation negotiation to a near halt when he walked away from talks aimed at creating a bipartisan compromise, similar to those which are currently proceeding for financial reform. Graham, like several of his supporters within the legislature, believes that the simoltaneous push for financial, immigration, and climate reform is simply too much too quickly for the Senate to handle this year and risks undermining the legislative process.
The Obama administration is currently working to restart talks on climate legislation, and immigration reform remains a contentious issue in the wake of Arizona’s recent controversial bill.