Politico reports that Rep. Rangel may be on the verge of losing his Chairmanship of the House Ways and Means Committee.

Ways and Means Chairman Charlie Rangel was on the verge of losing his gavel Tuesday night as a trickle of Democratic defections turned into a flood.

“The dam broke today,” said a senior Democratic aide.

UPDATE: Sources say he will give up his gavel, according to this report.

UPDATE to the UPDATE: As of 7 a.m. on March 3, 2010, Roll Call reports that “House Ways and Means Chairman Charlie Rangel (D-N.Y.) still plans to give up his gavel Wednesday despite his public protestations to the contrary.”