Following weeks of consideration of S.3217, the Restoring American Financial Stability Act of 2010, the Senate is moving toward a final vote, possibly as early as Wednesday. Senate Majority Leader Harry Reid (D-NV) filed for cloture late on Monday to end debate, saying "This [bill] cannot be delayed any longer."

While Republican senators continue to voice concerns about the bill's provisions related to derivatives and the cost to taxpayers of future bailouts, they consented to the measure after Senate Banking Committee Chairman Chris Dodd (D-CT) and Ranking Member Richard Shelby (R-AL) agreed on measures that will, in the future, look more closely at simply dissolving institutions teetering on collapse rather than bailing them out with taxpayer funds.

That said, "The amendment process does not end when cloture is filed, or after it is invoked," Reid reminded the senators.

Although more than 300 amendments have been filed for the bill, which has been dubbed by some as the "Too Big to Fail Act," many are not likely to come up for a vote.

One amendment already discussed would ban commercial banks from participating in proprietary trading and limit their involvement with other investment opportunities. Others being heavily lobbied by industry groups include provisions to exclude auto dealers from the newly proposed Consumer Financial Protection Agency (CFPA) and a requirement for commercial banks to spin off their derivatives operations to be traded on an open exchange.

Senate leaders are confident they'll be able to get a bill passed, although further work would still need to be done. This new legislation would need to be reconciled with the House version approved in December of 2009.

President Obama has made it clear to Congress that he'd like to see a reform package he can sign by the July 4th recess.

While Senate leaders are confident this date can be met, the bill may not be that easy to march through in the current election cycle and political climate. With voters going to the polls and incumbents looking increasingly shaky, many legislators will be keen to distance themselves from any perception that they might be siding with special interest groups or Wall Street.

Primary Season: Challengers Post Serious Threats to Long-Term Incumbents

As the campaign season switches into high gear, voter anger threatens to sink the careers of lawmakers previously considered untouchable. From Pennsylvania to Utah, Arkansas to Arizona, incumbents across the nation from both parties look to be in trouble, and party affiliation doesn't appear to be the issue.

"Right now, it's a very turbulent environment," says Senator Mark Pryor (D-AR).

While politicians from both sides attribute much of the uproar to general voter anxiety and the typical presidential midterm swing, neither side can pinpoint a clear answer. Whatever the case, the casualty list for those currently in office continues to grow.

Already this month, three-term Senator Bob Bennett (R-UT) was told by delegates he wouldn't be included on his party's primary. And just last week, West Virginia voters unceremoniously dropped Representative Alan Mollohan (D-WV) from the seat he's held since 1983.

Tuesday's primaries are shaping up in much the same fashion.

In Pennsylvania, Senator Arlen Specter (D), a 30-year veteran of the Senate, faces a tough challenge from Representative Joe Sestak (D). While polls from early March showed Specter almost 30 points ahead, recent numbers show the race dead even.

At the same time, Senator Blanche Lincoln (D-AR), a three-term representative with 11 years of experience in the Senate, faces a challenge from the state's Lieutenant Governor Bill Halter, a recent entry into the Democratic Senate Primary. Lincoln points to her experience and years of "fighting for Arkansas," but Halter continues to claim that the senator stands clearly in the special interests camp. With third-party candidate D.C. Morrison lagging far behind, Lincoln and Halter could face each other again in a runoff on June 22 if neither one earns more than 51% of the vote.

It appears that few incumbents are safe. Even Senator John McCain (R-AZ), former presidential nominee, faces a tough challenge in his upcoming primary.

The real test will be whether perceived "new" realities - where incumbents are at a disadvantage, fundraising leads mean little and endorsements by departing political figures mean even less - will become the norm or simply are a speed bump on the way to re-election.