That's one way to read it. Another way is that Lieberman gets to keep his committee chairmanship in exchange for caucusing with the Democrats. Given that Holy Joe loves power more than he loves his mother, he'll stick around, because if he switches, there's no way the GOP would offer him comparable power.
That said, I detest Lieberman, and deplore what he has done. This is not to be construed as approval, only as an alternate explanation.
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