This article suggests a couple of moves Pelosi might make
I think Pelosi sending just one of the articles would be hilarious and send the message that she's still in the driver's seat (not necessary the right way to make this call ). Point being she still seemingly has cards to play so it might be a bit premature to assert that she "blinked."
The first article of impeachment effectively charges the president with shaking down Ukraine; the second impeaches him for his unprecedented obstruction of Congress. That gives the speaker room to maneuver. She could choose to tweak her announcement and send only the second article, on obstruction, for trial. Or she could transmit them both — along with a House-approved provision advising the Senate that if it fails to obtain adequate witnesses and documents, the House will reopen the investigation into Article I and subpoena that material itself.
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