Swing State Project posted its initial competitive House ratings chart yesterday. On one level, the chart is terrifying, because Democrats hold so many more of the seats in play than Republicans do. On the other hand, I found the chart a bit reassuring, in that Republicans would have to win about two-thirds of the tossup seats and about one-third of the “lean Democrat” seats in order to take back the House majority. That is a tall order when the National Republican Congressional Committee has so much less cash on hand than the Democratic Congressional Campaign Committee, and the Republican National Committee is spending like there’s no election in seven months. Corporate-funded PACs and Republican 527s will spend money on behalf of many GOP candidates, but I still think the cash-strapped NRCC will end up leaving seats on the table.

Swing State Project commenters have been debating prospects for various House races in this thread. Click over to read the chart, then come back and share your thoughts or predictions about any of the competitive House races.

The only Iowa district Swing State Project considers competitive is the third, where seven Republican challengers are competing for the chance to face seven-term incumbent Leonard Boswell. I haven’t seen any public or internal polling on this race. Swing State Project’s “lean D” rating is defensible, because Boswell underperformed the top of the Democratic ticket in 2006 and 2008. However, Boswell is continuing to raise money while the winner of the GOP primary will probably be broke. I’ve talked to several political types who think State Senator Brad Zaun will beat the insiders’ favorite Jim Gibbons in that primary, which could put the NRCC off making big play for this district. Even if Gibbons wins the primary, I doubt the NRCC will spend serious money here. Our state is losing a district after the 2010 census, and the winner of the IA-03 election will probably be thrown into the same district as Tom Latham for 2012. So beating Boswell wouldn’t deliver a long-term gain for the GOP. Beltway Republicans trying to allocate scarce resources have dozens of targets that look more inviting than this district.

The floor is yours.