In February, a Brown University poll had Carcieri with his lowest approval rating to date--40 percent, with 74% or respondents said they thought the state was heading in the wrong direction. The state hasn't seen such high dissatisfaction since its banking crisis in 1991.

That is happening in Rhode Island. Revenues are falling, despite some of America’s steepest taxes, and the economy is in the tank. Last week, economic analysts revealed that Rhode Island is the only state in the Northeast actually in recession, and one of only nine in the nation. Its employment figures, foreclosure rates and personal-income growth lag behind those of its neighbors and the country. Meanwhile, Massachusetts (which just added 6,000 jobs), Connecticut and New Hampshire keep growing.

I agree with Cillizza on most of these. Pawlenty is certainly the most likely, but I don't think he can carry Minnesota for McCain (and Daily Kos agrees with me!). Two, I know I have a special partiality for Mark Sanford, but I'm not sure what John Thune offers McCain that Sanford doesn't. Three, Charlie Crist is never going to happen. The main reason is that Crist is just not conservative enough for the base--particularly on abortion. He is pro-choice and McCain has already ruled out a pro-choice VP. Fourth, I would move Mitt Romney up to number 2 on the list. While he and McCain certainly have some chemistry issues, he offers more to the ticket than anyone else from a political standpoint. Finally, on the Democratic side, I think Sebelius' lack of foreign policy experience (which Cillizza mentions) would doom her chances.

UPDATE: You can watch George Stephanopoulos talk to Charles Gibson about whether Hillary would take the veep slot here.

The advantages of a Steele pick are few. He isn't particularly known for economic experience; his highest office held was Lt. Governor; and he clearly can't carry Maryland for McCain.

Gizzi admits that Steele for VP probably won't happen but I am less enamored than he is by the idea. Steele has developed a conservative reputation for himself, but he has chosen to associate himself with the the party left-wing, a fact few conservatives know. After losing his Senate race in 2006, he joined up with Christine Todd Whitman in creating the Republican Leadership Council (RLC)--the reincarnation of It's My Party Too--known primarily for its support of liberal Republicans. To be sure, I'm somewhat biased since the old Club's PAC and RLC have been on opposite sides in many a race, but you can learn a lot about a guy and his political philosophy from the kind of people he consistently supports for political office. This kind of thing ought to raise some red flags.

Mitt Romney's greatest asset for McCain -- who has been in Congress for almost a quarter of a century -- is, therefore, his executive experience, most of it in the business world, most notably as vice president of Bain & Company, Inc. from 1978 to 1984, and as founder of Bain Capital, venture-capital savior of the likes of Staples, Domino's Pizza, and Sports Authority. Romney famously turned around the corrupt and broke ($379 million in debt) Salt Lake City Olympics and cleaned up a Massachusetts budget running $3 billion in the red without raising taxes. At a time when the country may be in a wartime recession, Romney emanates a confident competence (and he would do it, as veep nominee, alongside a GOP presidential nominee with a mixed tax-cutting record). Choosing Romney, then, could be as practical as politics gets. When in the voting booth, partisan preferences may pale in comparison to the attraction of a guarantee of competence in the executive.

This analysis is spot-on in terms of the politics. Romney is already vetted, appears presidential, brings economic gravitas, is probably conservative enough for most Republicans, and the notion of Romney carrying Michigan is interesting--and certainly makes more sense than the idea of Romney carrying Massachusetts. The animosity between the two during the campaign is almost immaterial at this point.

What would Rendell, 64, bring to the ticket? As governor of a major state, he's automatically a national political figure. He's also a former general chairman of the Democratic national committee, which means he's a party man who gets along with Democrats of all types. Though he backed Clinton, he's not identified with any Democratic faction or constituency group.