Marc Lynch doesn't think an American peace plan is very likely to succeed:

I very much sympathize with the instincts of those who want to see the President take the reins and launch a bold, public initiative to push for Israeli-Palestinian peace. Without such an intervention, we may be doomed to another lost year. And it should be a major U.S. priority, linked to broader strategic interests across the region. But I'd hate to see that last card wasted  in a poorly conceived roll of the dice. An Obama speech isn't going to be enough, so if that's the play then it had better be set up right in advance.

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