"The Democrats have a solid 43 percent, 44 percent of the voters, who will vote for almost any Democrat on the ballot," says John Fund, a Wall Street Journal columnist.
The stakes are also high in both houses of Congress. Here too, most election analysts say the Republicans have the edge and will probably keep control of both the United States Senate and the House of Representatives.
In the Senate, there are five Democratic Senate seats in the South that are being vacated. That means Republicans have an excellent chance to pick those states up and add to their Senate majority.
"In the House, the biggest news is that the whole country has been gerrymandered, that means that the districts have been re-drawn for the politicians rather than for the voters," comments Fund.
Then there is the state of the economy. From uptown to downtown, voters will weigh the nation's economic health.
"If I can choose a candidate that will make me feel confident that the economy will turn around and we will feel the impact of that in a timely matter that's something that's very important to all of us," offers a woman CBN News stopped on the street.
Many economists say the turn around is already here.
"This is now a self-sustaining economic boom hitting on all cylinders, consumers, businesses, investors, stock market," suggests economist Larry Kudlow.
One of the most visible signs of the economy's rebound is the stock market. Last month, the Dow again crossed the 10,000 mark and analysts predict it could go higher by election time.
"There is no reason now why we can't look for let's say an eight to ten year boom," says Kudlow.
This is bad news for the Democrats who were hoping to turn the tide in 2004 by attacking Bush on the economy.
Says Kudlow, "The Democrats have been rooting for recession and job-losses and it is not going to happen and now they are going to have one of the great flip-flops of all time and they are not going to be able to explain it."
Don't expect any voter apathy on matters of national security.
"I think one of the biggest vulnerabilities or our threat for 2004 will probably be from the individual act," says former FBI counter-terrorism agent Dale Watson.
Known in the intelligence world as "lone wolves", these individuals, who may or may not have ties to Al Qaeda or other terrorist groups, could carryout attacks in the US.
"You are not dealing with someone who is just set on a truck-bomb you are not dealing with somebody that's set on flying an aircraft into a building," says Watson. "The next opportunity might be something entirely different."
This month, foreign visitors arriving at U.S. airports or seaports will have their fingerprints and photos taken. Their IDs will be checked against terrorist watch lists.
Moving overseas, watch for many changes and struggles as the U.S. tries to restore law and order in Iraq. In July, Iraqis will take a stab at democracy as the U.S. is scheduled to hand the country back to its people.
But there may not be any sudden outbreak of peace and security. History shows that giving birth to a democracy takes time.
"We don't as a people remember anymore what it means to labor long until we get to the end result," says author and political commentator Janet Parshall. "In fact, so many times since we've gone into Iraq, I've thought to myself how would this generation have handled World War II? Could we have gone five years? I don't think we can, I don't think we could."
Either way, success or failure will be critical. It will determine whether Iraq becomes a show place for democracy in a very dangerous neighborhood, or an example of failed U.S. foreign policy.
"I think what President Bush is doing in this war is that he is going to save all civilization, all civilization, a hundred years of murder, killing, death and war if we just let him," comments Kudlow.
Still, for radical Islamists, Iraq and Afghanistan are now the frontlines in their war.
"So they are going to keep on piling everything they can to get the Americans to leave," says Paul Marshall of Freedom House, a non-partisan think tank. "If we remain tough and strong and fight back then radical Islam will be pushed back in those countries and it will have a major effect on the rest of the world."
Hopes for settling the Israeli-Palestinian conflict in 2004 look bleak, as giant walls are being built to keep both sides from killing each other.
"My greatest concern I think for the year 2004 is that it will resemble 2003 in that we aren't going to make a lot of progress, that we are going to continue to find excuses, and continue to delay taking the steps necessary in order to truly advance a peace process between Israelis and Palestinians," remarks Jerusalem Post Editor in Chief Tom Rose.
Israelis will also keep a close eye on another member of President Bush's "Axis of Evil": Iran. Israel warns that Iran's nuclear program is the biggest threat to their existence and possibly the world.
The U.S. accuses Iran of trying secretly to make bombs, an allegation strongly denied by Tehran.
"It's a situation that Israel simply cannot and will not abide with," says Rose. "So I would expect there to be some rather dramatic and striking headlines here this year."
Such as a possible surprise attack on Iran's nuclear facilities.
"This country has been preparing for this day for more than 20 years," says Rose.
But most in Washington believe the Bush White House is not looking for any great adventures in 2004 and will instead seek to manage Iraq. So the chances of removing the turbaned tyrants of Tehran this year appear slim.
Comments Iran expert Michael Ledeen, "I think that's a big mistake because I think the Iranians, the Syrians and others are bound and determined to make Iraq blow up in our faces. So they are going to be going all out while we are playing defense, that seems to be a very dangerous position.
Meanwhile, some show of force may be necessary to stop the other member of the Axis of Evil, North Korea, from threatening the world with nuclear blackmail. The Communist nation is unlikely to abandon its nuclear program or dangerous habit of selling missiles to other countries any time soon.
Bottom line from the experts:
"We are not going to solve the human rights problem in North Korea or the North Korean nuclear problem without getting a better class of dictators in North Korea," says Dr. John Eberstadt, author of "The End of North Korea". "The problem of course is that the dictatorship in North Korea has thought about that also and wants to make the prospect of regime change as terrifying and perilous for outsiders as possible."
Back at home, if the economy and the war on terror show signs of progress, then the debate over cultural and social issues could play a larger role in the election.
Hot-button issues like homosexual marriage, abortion, the pledge of allegiance and the Ten Commandments could further divide an already split electorate.
Look for federal courts to keep getting involved in these divisive issues.
"There's been a realization by those who are advocating these positions that they could get better success in the courts than they are going to get in the halls of Congress," says Jay Sekulow, chief counsel at the American Center for Law and Justice (ACLJ).
There's also the unlikely but not impossible chance that a member of the Supreme Court will step down, creating a major political struggle between the president and Senate Democrats in an election year.
2003 was the year many key issues were either put on the table or came to the forefront … Iraq, nuclear weapons in North Korea and Iran, the economy, gay marriage and the courts. And 2004 could be the year many of those issues play out.
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