In an exclusive, Kara Swisher from All Things Digital is reporting that Microsoft is set to announce deals with both Twitter and Facebook that will incorporate both Twitter feeds and Facebook status updates into Bing.  Details are sketchy at this point, but Dr. Qi Lu, President of Online Services at Microsoft, is set to announce the deals at the Web 2.0 Summit, according to Swisher:

In a stunning one-two punch, Microsoft will announce separate deals with both Facebook and Twitter to integrate their real-time feed of status updates into the Bing search service.

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Twitter has been talking to Google about a similar arrangement, and, according to sources, so has Facebook.

But the deal is a definite blow to the dominant search engine, since–for the first time–data will be available on Bing that is not on Google.

We’ll check in with Qi Lu’s interview onstage with Tim O’Reilly at the Web 2.0 Summit, set to begin at 11:30 pacific time.  It will be fun to try and catch up with the Twitter news…on Twitter