Below The Beltway

George Stephanopoulos and Charlie Gibson talk about the possibility that Hillary is angling for the No. 2 spot:

CHARLES GIBSON: Is there any discussion of what kind of an exit strategy there would be?

GEORGE STEPHANOPOULOS: There are various exit strategies right now. Number one would be, go out on a win. So, stay in until West Virginia, where Sen. Clinton is likely the winner, and Kentucky on May 20, and after that, bow out. Two, negotiate for the imposition of Michigan and Florida, to get those delegations seated, declare victory on that, and get out. But the big one, Charlie — and this is what some people close to the Clintons are talking about: Is there a way to negotiate a settlement with Barack Obama to have Sen. Clinton on the ticket?

CHARLES GIBSON: And what do they think?

GEORGE STEPHANOPOULOS: It’s hard to know. I mean, first of all, would Sen. Obama go for it? Can he get over the bitterness of this campaign? Can he be convinced that it’s the strongest ticket? Third, of course, would Sen. Clinton take it? I think if it was offered in the right way, yes.

Andrew Sullivan made an argument for such a ticket on Sunday:

The rationale for a fusion ticket is the same as for any grand political compromise. Very few people in Washington believe that Barack Obama can now be denied the Democratic nomination. Even after the past month, as Hillary Clinton has hung in there, as the scandal about Jeremiah Wright (Obama’s firebrand cleric) scandal has battered the post-racial Obama brand, and as white Reagan Democrats have proven resistant to a new young black freshman senator, Obama has actually increased his number of delegates. Clinton simply cannot overcome the edge he built up in February and March, however cruel his April turned out to be. And the superdelegates — who will ultimately decide — have also been slowly trending his way.

The decision last week by the former Clintonite Democratic Party chairman, Joe Andrew, to switch from Clinton to Obama confirmed the super-delegate trend.

And the raw truth is: Clinton’s victories in Ohio and Pennsylvania and persistence in states such as North Carolina and Indiana, which vote this Tuesday, have kept Obama from closing the deal definitively. Worse: the demographics seem to be hardening into a difficult dynamic for him. White working-class women — crucial to Democratic marginal states — remain resistant to his charms. Hispanics are also iffier than they should be. Somehow, the Clintons’ brutal assault on his brand, aided and abetted by conservative media outlets, such as Rush Limbaugh and Bill O’Reilly, have managed to dent this unifier a little.

And, as always seems to happen when we’re talking about the Clinton’s the Godfather analogy is trotted out:

The old political adage that you should keep your friends close but your enemies closer therefore seems appropriate. Clinton will not be running for president in 2012 if she is vice-president in 2009. The same could not be said if she were consigned back to the Senate to lick her wounds and plot her future. If Obama wanted to flatter her even more, and keep her occupied, he could offer her the healthcare portfolio — allowing her a second chance to do what she so fatally failed to do 15 years ago. And if she turned him down, he could nonetheless say that at least he tried.

The biggest problem, of course, is Bill. He is an inveterate meddler, and thinks of Obama as his nemesis. Having a former president married to your vice-president could give Obama a huge headache as president. But what we’ve seen in this campaign is how resilient the Clintons are and how dangerous they will be to any Democratic president who isn’t beholden to them. Better, perhaps, to co-opt them and bring them into the tent than to have them as dangerous dynastic rivals outside it.

Personally, I don’t see it happening. The bitterness between the Obama and Clinton camps makes the bad feelings between JFK and LBJ seem like a schoolyard spat. For Obama to accept Hillary and Bill — and make no mistake, they are a package deal — as his Vice-President would amount to putting the people who have spent the past few months trying to destroy him a heartbeat away from regaining the Presidency.

Frankly, I don’t think Obama is dumb enough to do it.