CBS reports:

New York Congressman Charles Rangel has reportedly cut a deal to admit to ethical wrongdoing and avoid a potentially humiliating public trial.
Harlem friends of Rangel tell CBS 2 they have been told that the details could be unveiled when the House Ethics Committee meets Thursday afternoon.
It’s the culmination of two years of scandal for the 20-term Democratic lawmaker. At issue is whether the former head of the House Ways and Means committee will admit to any serious ethical wrongdoing. Rangel is being charged with misusing his office for fundraising, failure to disclose income, belated payment of taxes and possible help with a tax shelter for a company whose chief executive was a major donor.

Two things: One, according to The Hill Rangel was ready to rumble in a House trial as late as last night, saying he was looking forward to telling his side of the story and clearing his good name. Two, if Rangel stays in the House, keeps his rank, and gets little more than a slap on the wrist, I’d unscientifically wager that it’s good for 2-3 net seats for the Republicans in November.

UPDATE: Indeed, it seems Rangel isn’t quite there on the deal yet.

WASHINGTON — New York Democrat Charles Rangel says there’s no deal yet to settle his ethics case and avoid a trial on charges of violating standards of conduct.
Rangel told reporters outside his office, “Until someone tells me there’s a deal, there isn’t.”
The former committee chairman spoke just before a House ethics panel is to hold a public session where charges will be read.