Said another Bush associate of the rumor, "Yes. This is not good." The rumor spread so fast that some Republicans by late morning were already drawing up reasons why Rice couldn't get the job or run for president in 2008.

"Isn't she pro-choice?" asked a key Senate Republican aide.

The question is, "Is this Iran-Contra, where everything gets swept under the rug, or is this Watergate, and we're about to watch the fall of the administration?"

My guess is, it's much more the latter than the former and, at the same time, much worse. With Nixon, there was not an issue with Gerry Ford being involved in the cover-up, and so sucession was a simple matter. That is not the case here, both Bush and Cheney are heavily involved, so there are larger problems here.

USNews.com: N and W: Cheney resignation rumors fly (10/18/05)