What's Going On With The Cease-Fire Resolution?

It had been said that both sides were close to agreeing on a deal, but now, this is on Raw Story:

Olmert to Rice: 'No cease-fire'

Israeli Prime Minister Ehud Olmert, under pressure not to accept an emerging U.N. cease-fire resolution, ordered the start of a new massive ground offensive as U.S. Secretary of State Condoleezza Rice continued to press for a compromise agreement.

Rice telephoned Olmert to plead with him to stop an expanded ground offensive he ordered moments before as France and the United States announced they reached an agreement on a cease-fire resolution that would be presented to the Security Council at 3 p.m. EST.

Well, that certainly makes Israel out to look like the warmongers that their neighbors accuse them of being. Really, I'm just wondering what the truth is here. Are they closing a deal or not?