There are a lot of folks in the conventional wisdom, establishment-oriented Democratic circles who are trying the sell the argument that reform without a public option is still big, transformational health care reform.
The key to Obama's success at this fundamentally critical juncture is whether the President can get his base excited about him again so that they are actively engaged in fighting by his side on the tough battles ahead.
One of the fascinating dynamics to this battle is the extent to which Obama seems to be resisting some of his advisers' desire to give up on the public option. This is the Obama we've been waiting for.
The window is closing on financial and health care reform. These are easily the biggest political tests of Obama's presidency, those that will determine whether his presidency is going to be a success.