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Partly I think the numbers can be chalked up to the so-called excitement factor; Obama is a fresh face, and Hillary is a woman. Just because a party can generate votes during the primaries doesn't mean they can generate the same votes in the general election.
In each of the last three elections the party that had the most primary voters lost the popular vote for the Presidency. In 2004 the Democrats had twice as many voters as did the Republicans, granted the Republicans had an incumbent president. But in 2000 the Republicans had 5.5 million more voters than the Democrats, and that was a pretty close election. It's a long way to November.
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