I don't think Newt is electable in the general election, but I'm not so sure that it is a bad thing (for the GOP's presidential hopes) for him to challenge Romney for awhile if Romney ends up the eventual nominee.
Spending more time in the swing states and more resources on building up the ground game will make Romney much more competitive than simply taking a victory lap for the next couple months. As it is now, Obama is quietly building up field offices (I heard on NPR that Obama had more field offices than the entire set of GOP candidates in NH).
The problem for Romney, from my vantage point, is if Gingrich and Santorum align (Santorum as VP?) sooner rather than later. Then, "anybody but Romney" becomes Gingrich (maybe a little bit to Paul, but I suspect he is already mobilizing his troops as well as can be expected).
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