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I think it would be good for Bush, but McCain is such a maverick in his party that the conservatives probably wouldn't stand for it. Also, McCain and Kerry are very good friends and I honestly just don't think McCain has it in him to criticize Kerry very harshly, or stand idly by while Bush does the same. Case in point: when Bush and Cheney were saying Kerry doesn't value our national security, McCain (along with a few other moderate Republicans) broke ranks to state adamantly that Kerry is among the strongest senators on national defense. (This also would be excellent political ammo against McCain were he to run as VP.)
McCain may be a Republican, but he's not a friend of the neocons. If McCain were to be added to the ticket, I'm sure he'd demand that Rumsfeld, Wolfowitz, and Tenet were all removed from office in a new administration, or at the very least call for severe restrictions on the authority of same. He would also put an end to these insane tax cuts, since he's a real fiscal conservative. Basically, the changes that would have to made by Bush for McCain to join are so numerous that a Bush-McCain administration would be radically different from a Bush-Cheney administration. Of course, that wouldn't be a bad thing, but it would prove completely that Bush has no leadership position in his administrations: everything is defined by his VP, be it Cheney or McCain.
Lastly, Cheney has been an anomaly, as far as VPs go (though, of course, it's easily explained by his being the actual president). The Office of Vice President has historically been a political death sentence: the VP doesn't vote, unless there's a tie in the Senate, and he doesn't take a leadership position on anything (everything is of course determined by the president). The VP basically just sits around waiting for the President to die or resign (A. Johnson, Arthur, T. Roosevelt, Truman, LBJ, Ford). Also, as we saw with Gore, when a VP wants to run for president, he is defined by the previous president, for good or for ill (Bush I was the only person in the 20th century who was elected president immediately after serving as VP--not counting Gore, of course).
McCain is too prominent in the Senate and popular as a Senator that I don't think he'd want to condemn himself to political suicide, and his reputation as a maverick would be severely curtailed were he forced to match all of his rhetoric to Bush's. (Let's also not forget that McCain obviously hates Bush; he's just loyal to the Republican president.)
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