Reuters is reporting that Alaska Republican Senator Ted Stevens was indicted on seven counts "related to his holding of public office." What's more:

The U.S. Justice Department has scheduled a news conference for 1:20 p.m. to make an announcement "regarding a significant criminal matter." 

Stevens is in a close--and closely watched--Senate race with Anchorage Mayor Mark Begich. In other words, this is not good news for the GOP.

Update: A friend points out astutely: On the contrary, this is potentially very good news for the Alaska GOP.  If there's any way for them to get Stevens to step down so that some generic Republican can run for the seat, that's their best chance of holding onto it.  Same with Don Young in the House race.  Republicans only lose in Alaska if they're significantly more toxic than a generic party functionary.

--Isaac Chotiner