Alaska Senate UPDATE: Murkowski Concedes; Miller Victorious

Incumbent US Senator Lisa Murkowski (R-AK) will address the media in a few minutes. If the rampant speculation that she is preparing to concede the race turns out to be true, this development would mark an enormous triumph for the Tea Party movement. I'd also imagine it would be a rather satisfying moment for Sarah Palin, who was ridiculed for endorsing the likely winner, Joe Miller, and whose long-running political blood feud with the Murkowski family is well known.

UPDATE (10:19 pm ET): CNN reports Murkowski is conceding. Her tone and attitude toward Miller will be crucial.

UPDATE II (10:23 pm ET): It's official. Murkowski is bowing out, for the good of the state & the party. Kudos to her for refusing to drag this process on. Conservative Joe Miller--you know, that ignorant yahoo who attended West Point, won a bronze star in Desert Storm, and holds a Yale Law degree--is the GOP nominee for United States Senate in Alaska. Somewhere, a certain Mama Grizzly rejoices.

UPDATE III (10:40 pm ET): On CNN, Former White House Spokesman Ari Fleischer says the seat is safe with Republicans; Paul Begala (!) congratulates Sarah Palin on a savvy endorsement. The panel seems to agree Miller will defeat the Democratic nominee...oh, what's his name again?