House Speaker Nancy Pelosi held a conference call with bloggers today about the FISA bill and stressed that for her: "Exclusivity is the issue."

Not immunity.

She says she's "absolutely opposed" to immunity for telecoms, but that she "didn't want the fight to be so focused there that we neglect exclusivity." An exclusivity provision would make FISA the exclusive mechanism for conducting government surveillance.

Not clear whether Pelosi would be willing to throw immunity under the bus for exclusivity, but it has that smell about it.