The possibility that a potential Democratic presidential primary matchup between Sens. Hillary Rodham Clinton and Barack Obama could lead to a Clinton-Obama ticket is raising concerns in GOP circles that it might be unbeatable.

While Democratic strategists are more skeptical of the success of a ticket composed of two minorities, some Republican advisers to the White House and leading 2008 hopefuls Sen. John McCain and Rudy Giuliani see the ticket as an easy winner built on the enthusiasm it would generate in Democratic circles.

Their theory is that Clinton would stand a good chance to pick up the states that Sen. John Kerry won in 2004. While not enough to win the election on her own, the addition of Obama would help push closely divided states like Ohio over into the Democratic column, thereby giving the Clinton-Obama ticket the White House.

“Listen, we’ve got some lackluster people running on our side, and that is exactly the kind of ticket that would get their side in a fever pitch,” said a Bush ally. Democrats aren’t so sure it would work, though, because of Clinton’s high negatives and Obama’s short résumé and race. But the Bush adviser said those factors are actually winners: Obama could help soften Clinton’s image and bring more African-American voters to the ticket as well as independents seeking real and symbolic change.

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In the wake of Barack Obama’s high-energy and much-publicized debut in the Granite State, the first “Barack Obama for President” ad will begin airing early next week air on WMUR and some cable news outlets. The ad was first made public on UnionLeader.com yesterday afternoon.

To view it, click here.

The 60-second spot is the work of Maryland-based draftObama.org and features a collage of photos of Obama making speeches and meeting with people while he speaks about the raising the minimum wage, improving education and the lives of seniors and about a new direction for foreign policy.

The ad begins with the written words, “We can replace fear,” superimposed over a photo of President George W. Bush, “with hope.” It ends with the written words, “Believe again.”