“Business is willing to have a discussion about issues that employees, organized labor, and employers believe would improve the process,” he said of a compromise. “But that discussion cannot happen with the hammer of card-check looming and threatening jobs and the economy.”

Despite all of its bluff and bluster, labor can’t be too happy when Diane Feinstein thinks this bill is dead.

And in fairness, it is pretty safe to say that labor along with its nemesis, big and small business, do not seem to think this Costco-Starbucks-Whole Foods plan is a good idea.

Why deal now? In the legislative process, people tend to avoid working off the other guy’s bill, particularly one as polarizing as this one.

Unions overplayed their hand. They figured that, with President Obama, Democrats controlling the House and Senate (and Specter in the bag), they had it all.

And, quite frankly they did – promises were made to them. But promises get broken.

Labor still has Obama’s backing and the House’s, but moderate Senate Democrats in southern states blanch at the prospect of having to vote for this legislation.

The supporters of Plan B took their proposal to the Hill last week, hoping to open a dialogue with moderates to see if labor and business can see a way through this polarizing bill. Too early to tell if anyone will bite.

The key consideration in whether anything passes in this Congress is each side’s calculation about the future.

Political parties, as well as business and labor, understand that the 2010 Senate races give Democrats a good opportunity to pick up additional seats.

“Democrats will be at 59 once (Al) Franken (D-Minn.) is seated,” said political science professor Larry Sabato. “If they add a few more senators in 2010 – well within the bounds of possibility – they can pass a pure card-check bill.”

But keep an eye on Republicans and business, who want to kill card-check totally now and redouble their uphill efforts for 2010. They may – and this is a big “may” – want to try to secure some reasonable compromise while they still have some leverage.