Update 2: Rangel has not cut a deal. Adjudicatory subcommittee ranking member Mike McCaul just stated, “we are in the trial phase.”

Update: Or not, according to Rangel himself.

WCBS reports that Rep. Charlie Rangel has cut a deal to avoid an ethics committee trial:

New York Congressman Charles Rangel has reportedly cut a deal to admit to ethical wrongdoing and avoid a potentially humiliating public trial.

Harlem friends of Rangel tell CBS 2 they have been told that the details could be unveiled when the House Ethics Committee meets Thursday afternoon.

The public meeting of the ethics committee has been pushed back to 2 pm in light of this development. Hopefully, they will still reveal the charges against Rangel.