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Lets just say the worst case scenario is that Obama will lose Ohio. I doubt it would happen but for the sake of argument lets say he does. In 2004 it was
Bush - 286
Kerry - 251
All Obama has to do is win New Mexico which has 5 electorial college votes and Virginia which has 13 electorial college votes and the outcome would look like this:
Obama - 269
McCain - 268
Thats assuming that Obama wins all the states that John Kerry won in 2004. BTW Obama is ahead of McCain in the polls in New Mexico so realistically Obama can win that state. Virginia on the other hand is iffy depending on who Obama picks for his running mate. If he pick Virginia governor Tim Kaine, its very likely Obama can win Virginia. So if Obama can win the same states John Kerry won and pick up Virginia and New Mexico should he lose Ohio, Obama wins the presidency by 1 electorial vote. Now if he wins Ohio and those two states its a slam dunk.