I don't see it happening. Two new polls out showing that, at least. Obama up by 13 percent in the Gallup poll of NH:
Now Dec
Obama 41 32
Clinton 28 32
Edwards 19 18
Richardson: 6 8
And up by 10 percent in the latest (and most trusted) CNN/WMUR poll (pdf), and look at the trend:
1/5-6 1/4-5 12/27-30 12/13-17 12/6-10
Obama 39 33 30 26 30
Clinton 29 33 34 38 31
Edwards 16 20 17 14 16
Richardson 7 4 5 8 7
Kucinich 2 2 2 2 3
Two days away and a double-digit lead; that's enough of a bounce that if Obama did lose in NH, all the wheels would fall off the Obamalac that night.
Clinton is going to probably lose Nevada too, and South Carolina. She will garner some more delegates, and a mostly symbolic win, in Michigan along the way, and still have the lead in the delegate count, but that's all. Clinton will need to draw a line somewhere, in a state that they will bank it on, and as I've been saying all along, that will be Florida.
As for Edwards, there's no reason for him to drop out-- he'll stay in and fight. He says as much in his new NH "underdog" ad. Edwards is hoping that Clinton '08 is like Dean '04, and drops out if/after he climbs above her, letting him have a one-on-one shot at Obama by the national primary day. Barring that, lets say Edwards does garner 20 percent or so all along the way, then he could have the potential to play the king (or queen) maker role at the convention.
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