The latest poll from WaPo and ABC News shows Giuliani with a healthy national lead. Dan Balz and Jon Cohen report for the Washington Post:

With many Republicans increasingly pessimistic about holding on to the White House in 2008, electability has become former New York mayor Rudolph W. Giuliani's most appealing attribute.

A new Washington Post-ABC News poll of the GOP field shows Giuliani with a sizable lead over his three principal rivals. The former mayor was the choice of 37 percent of Republicans and Republican-leaning independents, well ahead of Sen. John McCain (Ariz.) and former senator Fred D. Thompson (Tenn.). McCain and Thompson, who has not officially declared his candidacy, are virtually tied at 16 and 15 percent, respectively. Former Massachusetts governor Mitt Romney came in fourth, with 8 percent.

Giuliani's front-runner status is fueled by a broad-based perception that he is the most electable GOP candidate.

The whole story is at the link above. Several observations leap to mind: [below the fold]

McCain isn't dead yet. He's had an awful several weeks, with the immigration bill reminding conservatives of their doubts about him, a campaign shake-up, and running on empty coffers - and yet, he seems to hold a floor of support around the 16% level - roughly equal to the unannounced Fred Thompson and the well-funded Mitt Romney.

Romney is going to find himself strapped for cash soon and will need to put more and more of his own money into the campaign if he cannot show some movement in the national polls. Leading in Iowa and New Hampshire is great, but it doesn't attract the money. Part of Romney's problem is his early fundraising success, when he tapped many of those whose companies he saved to give the maximum. They can't give any more, so the perception will become that he is fizzling out with lower numbers each quarter.

Thompson is about to become the biggest disappointment in national politics since Howard Dean. The guy won't declare until September after beginning his "exploration of a run" in March? To those who insist this is some brilliant strategy: I'll believe it when I see it. On the contrary, if Thompson fails to shine in the first debate he joins (which apparently will be the GOP version of the You Tube debate), watch his prospects wither like a flower in the desert heat.

Giuliani isn't as well placed as he was six months ago, but the slings and arrows of outrageous fortune haven't toppled him from the lead yet, either. He is also the most favored "second choice" of those supporting other candidates. Best of all, Rudy has maintained his lead and aura of electability without spending very much money.