President Obama is leading in the polls but its close. Here is one "long night" scenario where Obama is re-elected. One can imagine 3 or 4 states counting ballots well into the night and perhaps for several days after election day before a winner is called.
If in the next month the economy takes an unexpected dive, Romney would win the toss ups and coast to a solid win pretty early in the night.
The see you in the House scenario. If the electoral college fails to determine a winner, then the House of Representatives decide.
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