The Washington Post reports that Trent Lott will hold a press conference today at 5:30 ET. Drudge reports that he will not be stepping down from Majority Leader, but will be issuing a stronger apology at the request of Bush and Rove. But speculation is growing that this may be a more significant announcement. My sense is that he is done, and that if he is smart, this will be the announcement that he is stepping down from majority leader. If he doesn’t, I think it will delay what is increasingly looking to be the inevitable.

If he does step down from majority leader, the smart money seems to be on McConnell to take the position, with Nickles coming in at a distant second.

While the Dems have been content to have him remain in power as an object of scorn, as soon as it becomes obvious that he is stepping down from majority leader, look for a concerted cry for his resignation. This would permit Democratic Governor Ronnie Musgrove to fill the seat, and throw the Senate back to 50-49-1.