Arlen Specter, Republican senator out of Pennsylvania, saw that his support of the stimulus package was the last straw for many of his supporters, so he's switching and becoming a Democrat. His fear was not that he wouldn't be re-elected, but that the Republicans would not nominate him for re-election. Sitting congressmen and senators have little fear when it comes to elections, they have fine tuned the process for incumbency, but they have to be nominated to get there.
That this gives the Democrat party a filibuster-proof 60 votes in the senate doesn't mean too much since Senator Specter voted with the Democrats on the big money and big social issues anyway.
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