President Lahoud's term ends tomorrow at midnight and the pro-Syrian (March 8) and pro-Western (March 14) parliamentary blocs still haven't agreed on a compromise candidate. A vote is scheduled tomorrow at noon Lebanon time.
Lahoud is a Syrian stooge. The March 14 bloc has a slim parliamentary majority, but not enough to reach the 2/3rds majority necessary to elect a president. Under Article 62 of the constitution, if an agreement cannot be reached, the president's powers pass to the prime minister (Sinoura from March 14). However, Lahoud has said he will not transfer the powers but will instead transfer executive power to Army Chief Suleiman. March 14 has vowed to elect a president anyway with a simple majority. March 8 has said if that happens, they'll withdraw and set up a rival government with Hezbollah as muscle. Result: Civil War.
There are disturbing signs that Hezbollah and others, including Maronite Christian members of the Army, are preparing for violence.
This is probably the closest Lebanon has come to descending into chaos since the civil war ended in 1990. It could really unravel quickly. Keep that country in your prayers.