In the current tracking poll, Gallup finds the ten-point advantage for Democrats has now turned into a one-point Republican advantage. The current party breakdown is now 35 percent Democrats, 36 percent Republicans, and 29 percent independents. And just in like 2008, that one-point advantage increases when independents are asked which party they typically lean to, with 49 percent identifying as Republicans and 46 percent Democrats. That number backs up the trends in other polling showing Romney leading among independents by large margins.

To get an idea of what this shift means, I plugged the Gallup 2008 and 2012 partisan numbers into the actual results from the 2008 election. Under Gallup’s breakdown, Obama would have won in 2008 by 9.8 points (he actually won by 7.2), and would eke out a victory against Romney in 2012 by eight tenths of a point.

But here’s why you can feel the panic emanating from Chicago: Romney is currently doing better with independents than Obama did in 2008. Obama won independents by eight, in 2008 while Romney is currently leading by 10.6 points on average. If the independent numbers are entered in to the 2008 results, Romney would have a victory of over four points.