Multiple outlets are reporting a deal on moving the Wall Street reform bill to the floor. The AP:

Senate Republicans are prepared to end their stalling tactics on new banking regulations and will attempt to change the bill on the Senate floor, Republican officials said.

Sen. Richard Shelby, the top Republican on the Senate Banking committee, said he has assurances that Democrats will adjust his banking regulation bill to address concerns that it perpetuates bailouts.

The concession sets the stage for Republicans to withdraw objections that have stalled the bill in the Senate.

However, if you read Shelby’s actual statement about this, he says that talks between him and Chris Dodd have reached an impasse, particularly on consumer protection issues, and he’s breaking them off indefinitely. There are assurances on the too big to fail piece but not much else. Shelby closed by thanking his Republican colleagues for standing strong with him while the bipartisan process played out, saying he would “defer to their individual judgments on whether the Senate begins a floor debate on this bill.”

So maybe that means a few members can get picked off for the motion to proceed, or maybe not. It’s unclear. Republicans probably don’t want to go through the threatened all-night session, and so maybe the motion to proceed passes. But it cannot until 1:00am, so before then Democrats would have to get unanimous consent on the bill to proceed.

This may be the best of all possible worlds, actually; the bill gets to the floor without a constraining, weakening bipartisan “deal.” If there are now open amendments to really improve the bill, we could have something.

UPDATE: Mitch McConnell, trying to declare victory and get out, touts a “key agreement on closing bailout loopholes” (this probably means ending the pre-funding of the resolution fund) and says that he will work in the coming days on the bill. He hopes the “partisan gamesmanship is over,” which you have to read in the voice of Mitch McConnell to make yourself laugh.