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Max Baucus has been negotiating in secret with Republicans for months. Almost single-handedly, he has managed to delay the passage of healthcare legislation for months while holding out the chimera of bipartisan support. In the meantime, by an amazing coincidence, the forces of opposition have continued to gather steam—conservative opposition, as well as opposition by Blue Dog Democrats.

And now we learn that not a single one of the three Republicans on the Gang of Six will support his proposed bipartisan bill when he formally unveils it today. This is the bill he kept watering down for months in order to elicit Republican support. This is the bill he kept insisting was well worth waiting and waiting (and waiting) for.

CNN has learned that – barring some unforeseen change — Democratic Senate Finance Chairman Max Baucus will unveil a health care proposal Wednesday without the support of the three Republican senators — Charles Grassley, Mike Enzi and Olympia Snowe — he’s been negotiating with for months.

Senate Republican sources close to Grassley and Enzi — and in the case of Olympia Snowe, the senator herself — tell CNN they still have concerns that have not been addressed that range from taxpayer funding of abortion, to illegal immigration, to affordability of the health coverage this new law would require.

GOP sources to all these senators emphasize and insist that they aren’t walking away yet — they will keep talking, keep negotiating and next week when votes start in the Finance committee they will offer amendments to address their concerns.

But Wednesday, when the Senate Finance Chairman unveils his bill, all indications are he will be doing it without the support of Republicans he has spent hundreds of hours negotiating with.

The part that Max “Cock-up” Baucus might have the most trouble living down is the fact that Olympia Snowe — who has for weeks now been the only Republican senator with any realistic hope of supporting a healthcare reform bill — rejects the bill for being too weak and watery:

But let’s not lose sight of why Snowe balked at the Baucus framework. For one thing, she’s concerned about the financing mechanism, which she believes would hit Maine hard. But just as importantly, Snowe also believes (as I do) that Baucus’ plan offers weak and inadequate subsidies. “The affordability question is crucial,” Snowe said. “It’s a central component, because at the end of the day people have high expectations they will have access to affordable health insurance.”

In other words, one of the leading Republican negotiators on health care reform believes Baucus’ plan is too conservative.

Just picture the negotiation process, if you will. Grassley and Enzi have already made it abundantly clear they will not support what Baucus produces, literally no matter what it looks like. Baucus is effectively negotiating only with Snowe. He takes the bill and starts adding water, telling Snowe: “Just say when!” And when he comes to the point where Snowe is on her feet and going “Just right! Just right!”, he flashes her an evil grin, and strokes his handlebar mustache, and just keeps adding water, till she’s groaning and holding her head in her hands. And that’s Max Baucus for you, negotiator extraordinaire.

Let’s not forget either that this is the Max Baucus who the entire Democratic leadership — Obama, Harry Reid, Nancy Pelosi, everyone — was willing to trust with these negotiations.

The real question, though, is whether this is an embarrassing failure for Baucus, or a most lucrative success. After all, this is who Max Baucus is:

Baucus, who is chairman of the Senate Finance Committee, has collected $3.9 million in donations from the health industry since 1989. …
[...]
Since 1989, five of Baucus’ top 20 campaign contributors have been from the health care world: drug makers Schering-Plough Corp. and Amgen Inc., insurers Blue Cross/Blue Shield and Aetna Inc., and DaVita Inc., which provides dialysis services. From 2005 through this year, 18 percent of his campaign funds have come from the health sector, though he has also relied heavily on donations from insurance, finance, real estate and law interests — all with key interests before his tax-writing panel.

Baucus spokesman Tyler Matsdorf said the senator was too busy to be interviewed. His office said Baucus has clashed with health insurers and pharmaceutical companies.

That last statement, from his office, is only one letter away from ringing true: try substituting “cashed” for “clashed”.

Baucus is outraged that anyone might question his motives:

“I resent any implication that any of my actions or decisions are a result of contributions,” Baucus told the Independent Record newspaper of Helena, Mont., last month. “I resent that because that is totally inaccurate. I do what I think is right, period.”

Nobody doubts that. But right for whom exactly, senator?

And, for the record, a hell of a lot of Democrats resent Max Baucus.