Plus whatever strategy repubs were going to use to smear Biden is up in smoke.

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Yeah the reality is that Biden was 95% going to lose to Trump. Picking a new person is usially a huge risk, but in this case there wasn’t much to lose.

As things stand right now, Trumps chances of winning just went down a bit. Worst case, they pick someone terrible with similar (non-)chances to Biden. Best case, they pick someone who wins.