Abstract: Two leaders simultaneously and publicly choose their aspirations that set the expectations of their constituents and then bargain `a la Rubinstein with frequent offers. In addition to the material payoff for her constituents, a leader also cares about her reputation cost for not meeting expectations or reputation gain for exceeding expectations. In any pure strategy equilibrium, if it exists, at least one of the leaders lowballs expectations. When both leaders lowball, they get the same material payoff as under behind-closed-door bargaining. However, the constituents suffer when the leader cares enough about a political win, but the opponent does not.