Adam Nagourney writes a remarkable walk-back-the-cat piece in the New York Times today:

For a combination of reasons -- increasingly bullish prognostications by independent handicappers, galloping optimism by Democratic leaders and bloggers, and polls that promise a Democratic blowout -- expectations for the party have soared into the stratosphere. Democrats are widely expected to take the House, and by a significant margin, and perhaps the Senate as well, while capturing a majority of governorships and legislatures.

These expectations may well be overheated. Polls over the weekend suggested that the contest was tightening, and some prognosticators on Monday were scaling back their predictions, if ever so slightly. (Charlie Cook, the analyst who is one of Washington's chief setters of expectations, said in an e-mail message on Monday that he was dropping the words "possibly more" from his House prediction of "20-35, possibly more.")

Some Democrats worry that those forecasts, accurate or not, may be setting the stage for a demoralizing election night, and one with lasting ramifications, sapping the party's spirit and energy heading into the 2008 presidential election cycle.

"Two years ago, winning 14 seats in the House would have been a pipe dream," said Matt Bennett, a founder of Third Way, a moderate Democratic organization. Now, Mr. Bennett said, failure to win the House, even by one seat, would send Democrats diving under their beds (not to mention what it might do to all the pundits).

"It would be crushing," he said. "It would be extremely difficult."

Mr. Cook put it more succinctly. "I think you'd see a Jim Jones situation -- it would be a mass suicide," he said.

Meanwhile, The Hill has a story on "Great Dem Expectations" and the Associated Press headline reads, "Bush says of vote: 'We're closing strong.'"