The Democratic party faces three clear options for settling the quagmire of the narred, potentially disenfranchised Florida and Michigan delegates.

The problem according to Bloomberg News’ Albert R. Hunt, is that these three choices range from cataclysmic to problematic:

1. The Clinton forces muscle the votes on the party’s credentials committee and seat the full slate of Michigan and Florida delegates, 366 in all, based on the results of January’s primaries. Given her wide victories in these contests that did not count, she would pick up a large number of delegates. Many, including Nancy Pelosi, have called it unacceptable that delegations which broke the rules decide the outcome of this historic race. A large number of Barack Obama supporters might be (justifiably) inclined to walk out if a Michigan primary in which “Uncommitted” won 40 percent of the vote factored into the nomination.

2. Michigan and Florida are denied seats at the convention, or the party could pick its own representatives from those states. Even though Florida and Michigan broke the rules and that justifies this move, it would be a disaster. Stiffing crucial states (44 combined electoral votes in November that John McCain will already be in good position to capture) would be political suicide.

3. The party can require new elections in both Michigan and Florida. This is as controversial and complicated. Unfortunately, it also looks inevitable.

The Barack Obama campaign would love Michigan and Florida caucuses, where they would be more successful because they are better organized.

The Hillary Clinton camp wants primaries for Florida and Michigan, which would be costly and for which no one seems willing to foot the bill.

The Democratic National Committee could foot the bill for the re-votes, but in a display many are calling incompetence on the part of chairman Howard Dean, it is lagging in fundraising and doesn’t have the money.

Perhaps the only logical course of action is for convention chairman Pelosi and her party leaders to take this out of the hands of Clinton, Obama and Dean to designate an arbitrator or small committee to resolve the matter. Quickly.

Former Senate Majority Leader George Mitchell would be an ideal choice, as every such panel he’s headed has been lauded as credible and successful.

Other respected figures who aren’t in either camp might include former Vice President Al Gore or former President Jimmy Carter.

Despite our belief that these states broke the rules, therefore should be barred and are simply adding hysteria by demanding a do-ever, this is not going to happen and we all need to come to grips with it. Someone fair must settle it.

The only practical solution is some combination of caucuses and primaries, fewer delegates than slated but a respectable percentage, with the two campaigns sharing the cost with the state parties and private donors.

The clock is ticking. The party leadership needs to get a plan in place quickly, if at all, lest we hand these states over to John McCain early.