What’s next? A House Government Reform Committee vote, followed by a full House vote, then a referral to the U.S. attorney, who will decline to prosecute contempt because of the privilege invocation (or the House may simply bypass that step, given its frivolousness). Failing a criminal prosecution for contempt, if Issa and company remain resolute, a House civil suit to enforce the subpoena will follow, as happened in the Rove/Miers contempt situation.
On the political side, one thing now is clear. Fast and Furious is owned, lock, stock and barrel, by the president. No longer is this a merely DOJ problem. The president’s invocation of his privilege makes the problem his own.