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Let's start with the favored, Romney.
Mitt Romney will help shore up his economic cred, but I'm not sure by how much. He'll help in Michigan, where the Romney name is still respected, and should have impact in two huge key swing states, Colorado and Nevada. Moreso in Nevada, where there is a large LDS population and I believe if Romney were on the ticket, it would be very hard for Obama to pull out Nevada. He may also be the difference in Colorado.
Of course, Romney will also hurt McCain in the south, namely Virginia, Georgia, North Carolina, Florida and maybe even South Carolina. The extent of how much he hurts will vary from state to state, but I think the largest impact will be felt in Georgia and it may be enough to flip it to Obama, who generally trails by 7 or so points there.
Romney's major problem, though, is the fact he isn't a strong debater. He pretty much had one good debate during the Republican primary and while it would have been less of an issue if he were going up against Bayh or Kaine, this becomes a bigger issue with Biden on the ticket. Biden would ruin Romney and that in turn could ruin McCain's chances.
Looking at the electoral map with a McCain-Romney ticket, I see them being stronger in the west than McCain has been on his own, but weaker in the south. My problem with Romney is that I think he makes it easier for McCain to win Michigan, Colorado and Nevada than he does for Obama to win Georgia. If that is the electoral map we're looking at, Obama will need to win both Ohio and Florida. As even Ohio + Virginia does not net Obama the 270 needed to claim victory. Romney on McCain's ticket could also help kill any chance Obama had in Alaska, Montana and the Dakotas, though I think it's unlikely he wins any of those states regardless.
Tim Pawlenty seems be the other top candidate.
Pawlenty will really help with social conservatives as it seems like he's supported more than Romney. He also might help in Minnesota, though I'm not sure he's good enough to flip the state. While he does makes it easier for social conservatives to embrace the McCain-Pawlenty ticket, what impact will it have outside of the south?
That's Pawlenty's problem, as he doesn't really seem to be the type that will bring a ton of electoral votes. Ok, he might be able to make Minnesota competitive, but I think Obama generally leads there by a solid margin, which means it will be extremely difficult. His midwest background could help in Iowa, but that seems to be unlikely and he probably has no relevance in the west like Romney. The pluses, though, like Romney, is that he could help with the economy, but he doesn't seem to be like the type of guy who will dominate a debate.
The last real contender seems to be Mike Huckabee and he probably has the biggest mixed bag of any of the three.
Huckabee will be a huge boost for McCain in the south, probably doing just enough to put Georgia out of reach and maybe even Virginia and North Carolina. However, Huckabee will have little play outside of the south, especially the further west you go. In the west, I could see Huckabee actually being a bigger negative regionally than Romney would be in the south. I say this because Huckabee is despised by Mormons over some of the comments he made toward Romney in the primary. if Huckabee is on the McCain ticket, moderate Mormons, who make up a good number of the Nevada and Colorado population, would not vote for that ticket. They would either vote Obama, or sit out entirely. Basically, it's the reverse of what we would see with Romney. If that happens, Obama wins Colorado, Nevada, performs better than expected in Utah and Idaho and maybe picks off one of the four: Alaska, Montana, North/South Dakota.
I know a lot of people here believe Romney could easily be defeated, but he'll do extremely well in the west, where there is a growing Mormon population. Mormons like Romney and they want to see a Mormon close to the presidency, if that means voting for McCain to get Romney that much closer, they will do it. So for all the hope of Romney being on the ticket, I'd much rather see McCain pick Pawlenty, because I could realistically see Romney being the difference in Colorado and Nevada, though I will concede he probably won't turn Michigan blue. If that is the case, Obama still has an advantage as I think he'll take Iowa, but his path to 270 becomes far more narrower than it would if McCain were to choose Huckabee or Pawlenty.
My guess, McCain avoids Romney because there is a big risk of losing the base, even though he could probably compensate that with his strong support in the west. That means it's down to Huckabee and Pawlenty.
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