Take a little finger pointing, some negotiations, a little Legislative Chicken and add in the lobbyists of big Wall Street firms, and that's where we stand right now in the Senate on financial reform legislation - it's a work in progress.

"I'm heartened to hear that bipartisan talks have resumed in earnest," said Senate GOP Leader Mitch McConnell, who was still being knocked about by Democrats for trying to block action on the Wall Street bill.

A few hours later in the hallways outside the Senate, Sen. Richard Shelby (R-AL) was also expressing hope for a deal, saying he was "optimistic" an agreement could be found on a sweeping financial reform plan.

"The spirit is good in negotiations," Shelby told a group of us.

Democrats meanwhile were still trying to find one Republican to come on board and help move the bill forward, since 60 votes are needed to just start a Senate floor debate.

That led Senate Democratic Leader Harry Reid to bash the GOP, accusing them of playing politics and "caring more for short term gains".

Today, the focus of work will be in the Senate Agriculture Committee, which will mark up their portion of the bill, which deals mainly with new regulations on the trading of derivatives.

You can read an analysis of the Democratic measure in that panel at http://bit.ly/a6DLGX .

But even after action in that committee, Senators expect more negotiations.

As for what else should be in the bill, one key Democrat said he wants to add a proposed tax on major banks and financial institutions that was proposed by the White House earlier this year in its budget.

The plan would raise $90 billion over ten years, and is designed to bring in more money to ensure that the feds recoup some of the losses in the Wall Street Bailout.

"I think the administration's proposal is a common sense way to make sure that taxpayer money is re-paid," said Sen. Charles Schumer (D-NY).

Republicans don't exactly see it that way, and are against what's officially called the "Fiscal Crisis Responsibility Fee".

"The Congressional Majority is so strapped for money to pay for out of control spending that members are looking to the banks and other financial institutions for money," said Sen. Charles Grassley (R-IA).

So the bottom line on Wall Street Reform is that negotiations continue, and Democrats hope to actually start debate on this bill by next week at the latest.

Tomorrow, we'll look more deeply at some of the issues addressed in this bill.