Electromagnetic pulse propagation in the slow light regime and near a zero group velocity point is relevant to a plethora of potential applications, and has analogies in numerous other wave systems. Unfortunately, the standard frequency-based formulation for pulse propagation is unsuitable for describing the dynamics in such regimes, due to the divergence of the dispersion coefficients. Moreover, in the presence of absorption, it is not clear how to interpret the propagation dynamics due to the drastic change induced by absorption upon the dispersion curves. As a remedy, we present an alternative momentum-based formulation, which is rapidly converging in these regimes, and naturally suitable for lossy and nonlinear media. It is specialized to a waveguide geometry which provides a significant simplification with respect to existing momentum-based schemes. Doing so, we provide a somewhat alternative, yet intuitive picture of the seeming enhanced absorption and nonlinear response in these regimes, and show that light-matter interactions are not enhanced in the slow/stopped light regimes.