He seems possible ...In November 2010, the nation had a massive right-leaning correction to two, very large left-leaning previous elections.
however, the White House and the Senate turn over every 4 and 6 years respectively. The House turns over every two.
Ergo, the President and Senate are reflective of strong Democrat elections, whereas the House is reflective of a strong Republican election.
I posit, therefore, that a Grand Bargain was never a real possibility. To say that the two sides are too far apart isn't really a full explanation; but rather that in the context of a large deal, there never was any serious overlap. The math makes it nigh impossible to talk about large deficit reduction without reforming the entitlements, but Democrats are unwilling to reform the entitlements without tax hikes - and the minimum that they will accept is higher than the maximum that Republicans will accept. Both sides put forth their "best offer" and know that they are compromising as much as they possibly can - while both best offers remain too far apart, and each accuses the other of not compromising.
In short, this is something that will have to be decided by the 2012 election - because at current our government, split between the sections that were a reaction to George Bush and the section that was a reaction to Barack Obama, is simply incapable of finding ground both can stand on.