Updated at 12:40 p.m. on March 11.

A bipartisan deal on financial reform was on the "the 5-yard line" when it fell apart late Wednesday, the victim of an increasingly rancorous effort to enact health care reform this year, according to Sen. Bob Corker, R-Tenn.

Sen. Christopher Dodd, chairman of the Banking, Housing and Urban Affairs Committee, said today that he planned to unveil a new version of the legislation Monday, apparently without any Republican supporters. Corker, the lead Republican negotiator, said he felt that the Connecticut Democrat was pressured by others in his party to cut off the negotiations.

Specifically, Corker said that Dodd wants to try to move a bill through his committee before Democrats attempt to pass health care reform through the budget reconciliation process. Using reconciliation in this way is expected to tie Congress in partisan knots until legislators leave for election campaigning in the fall.

Corker complimented Dodd's efforts and said he felt the chairman was "a victim" of political pressure. He declined to say whether he thought the White House was involved.

It is extremely unlikely that the new financial legislation could pass the Senate without significant Republican support.

The Tennessean sounded disappointed but was mild in his criticisms of Dodd, except for one point he made that he warned would be "disagreeable." Corker said it would be a "travesty" to push a bill this complex through the committee in a week, and warned that Democrats would face the wrath of voters if they did. "To the states that elect them, they might as well be robots," he said.

Corker said the biggest hurdle to a bipartisan deal was new rules on financial derivatives, privately traded securities that were at the heart of the recent financial crisis. Corker said more time was needed to deal with the complexities of the issue, which is being worked on by Sens. Judd Gregg, R-N.H. and Jack Reed, D-R.I.

Other differences between Democrats and Republicans mentioned by Corker included new rules for banks on risk retention, some legal issues in a new process to take over failing financial companies, and efforts by Sen. Charles Schumer, D-N.Y., to give outside interest groups access to corporate boards through "proxy access."

But Corker said these issues would have been easily surmountable with more time, and he expressed some hope that a bipartisan bill will eventually move forward.

In a statement earlier today, Dodd said, "I have been fortunate to have a strong partner in Senator Corker, and my new proposal will reflect his input and the good work done by many of our colleagues as well. Our talks will continue, and it is still our hope to come to agreement on a strong bill all of the Senate can be proud to support very soon."