The republicans don't really have anyone that appeals to the moderates like Obama does. Palin and the rest of the Tea Party gang might get great reviews from republicans, but the moderates would not think they're suitable for president.
If Obama takes care of any republican issue that they might have a similar ideology with, like immigration reform, then he'll easily win the election. If the republicans turn away from one of their core issues just to be uncooperative, Obama will win the election.
Unless something significant happens in the next two years that is really bad for Obama, he'll be a two term President.
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