When I first heard about a conceptual “grand bargain” under the Obama administration, the general idea was normalization of relations between the U.S., Iran, and Israel in exchange for Iran giving up its nuclear weapons program (maybe in exchange for a well monitored nuclear power program) and Israel allowing the creation of a Palestinian state. This obviously didn’t happen.
Before these ideas, there were smaller actual bargains including peace between Israel and most of its neighbors under Carter, and movement toward a Palestinian state under Clinton.
Before the October 2023 Hamas attack on Israel, the latest idea was a formal normalization of (already de facto?) diplomatic relations between Israel and Saudi Arabia, possibly in exchange for nuclear power for Saudi Arabia. Iran was left out of this, and in fact it seemed to be the solidification of an anti-Iran block. The Palestinians were also left out of this, as far as I know. So now it seems to me that Biden is proposing a return to this deal that was already essentially made, and trying to add some progress toward a Palestinian state in the mix. It doesn’t seem that likely to me, at least until a new generation of leadership takes over in Israel, and unless/until Biden gets re-elected or a new generation of leadership takes over in the U.S.
It seems to me that the “grand” bargain is getting smaller and more cynical all the time. Still, one thing we can count on is the passage of time, and new leadership eventually taking over in all countries involved. One can hope for a brighter picture 5-10 years down the line. Hoping for a brighter picture by November 2024 seems a bit wishful to me.