You don't have to go too far into fantasy land to envision a scenario where President Obama loses the popular vote, but wins the electoral vote.
ABC's Matthew Dowd has been making this argument for months and he's gotten company in recent weeks. (Read Dowd's post from June.)
Mitt Romney has gained ground in some national preference polls, but President Obama still leads in many battleground state polls.
Suppose for a moment that it comes to pass; Obama gets fewer votes than Romney, but is reelected. (Check out ABC's race ratings and play with the electoral map.)