Jesse Jr. will not go to jail for trying to buy Obama's senate seat. Apparently, that's a dead issue now that Jackson is out of Congress and the Ethics Committee has dropped the matter.

But Jackson will apparently be spending some time in the slammer for using his campaign fund as a personal piggy bank.

Chicago Sun Times:

Sneed has learned a plea deal is now on the table between former Rep. Jesse Jackson Jr. and federal authorities probing allegations of campaign fund misuse.

Sneed is told the plea deal includes Jackson serving time in federal prison.

"Significant jail time is now definitely a part of the deal," said a top Sneed source close to the probe.

"But I think [Jackson's wife] Sandi, feels like she was thrown under the bus by her husband, " now that a separate probe has begun on her, a second source added.

Sandi Jackson claims she was stunned by campaign finance abuse disclosures against her husband, who has been treated for mental disorders and allegedly spent $40,000 on a Rolex watch purchased with campaign funds.

Jackson raised millions of dollars for his campaigns despite the fact that he represented the most Democratic district in the nation. He won re-election in November despite being out of Congress since June and never stepping foot on to the campaign trail. Allegations against him include Jackson using campaign funds for home improvement, clothes, travel, and other personal epenses. His wife is being investigated for similar wrongdoing.

Thus, one of Chicago's most prominent and politically powerful couples has fallen. And two political careers where just a couple of years ago it seemed that the sky was the limit, are in ruins.