This episode's headline: Political Wrap; Reforming the Process; Grand Flush; New Reformation. ANCHOR: ELIZABETH FARNSWORTH; GUESTS: PAUL GIGOT, Wall Street Journal; MARK SHIELDS, Syndicated Columnist; SEN. SLADE GORTON, [R] Washington; SEN. JUDD GREGG, [R] New Hampshire; LAMAR ALEXANDER, Former Republican Presidential Candidate; CORRESPONDENTS: KWAME HOLMAN; MARGARET WARNER; TOM BEARDEN; RICHARD RODRIGUEZ;