and the talks could still collapse

[GoodTaste]

Perhaps the most surprising part of last night’s developments is that many analysts believe that congressional Democrats have made progress toward a deal over the past 24 hours — even if they are not there yet, and the talks could still collapse.

Source: NYTimes

Does "the talks" refer back to the analysis of the "many analysts"?

 

[probus]

No. The talks means the negotiations between politicians about the so-called debt ceiling.

 

[SoothingDave]

The debt ceiling is just a part of it. Democrats are having an internecine battle between moderate and leftist factions over just how much of a spending spree they will agree to go on.

 

[Jemima23]

Not a teacher.

Just like other members of the forum pointed out, "the talks" here refers to the negotiations, and I assume the word "collapse" is used for a dramatic effect. If you were to rephrase it, you could simply say: "the negotiations could still fail".