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—The legislation could go to the floor without any Republican support where it could be blocked by procedural delays that would require 60 votes to overcome. There are 41 Republicans in the Senate, enough to prevent the bill from coming to a final vote.

—The bill would pass out of committee on a party-line vote, but Shelby, the ranking Republican on the committee, would strike a bargain and pass a bill with bipartisan support. That is what happened last year with legislation that changed credit card rules.

—The bill would move out of committee and Democrats would seek to pick off one or two Republicans to support the bill and overcome delaying maneuvers.

Republican Sen. Bob Corker said that after months of negotiations by Dodd and his committee, Monday’s vote was “unorthodox.” Corker negotiated with Dodd for a month before their talks ended without an agreement.

Earlier, on CNBC, Corker suggested the bill may need a new environment.

“It’s probably true that we have a better opportunity with a different cast of characters, the full Senate, to do something that is sound policy-wise,” he said.

The Obama administration kept up pressure on Congress, with Treasury Secretary Timothy Geithner declaring Monday that the country faced a “defining moment” in the battle to overhaul financial oversight.

“The test we face is whether we can enact real reforms that provide strong protection for consumers, strong constraints on risk taking by large institutions and strong tools to protect the economy and taxpayers from future crises,” Geithner said in remarks to the American Enterprise Institute, a conservative think tank.

“We will not accept a bill that does not meet that test,” Geithner said.