Thats just one scenario, albeit the most likely one in my opinion. What happens in this kind of situation? Michael Crowley fills us in:
"It goes to the House. But it's not one member, one vote. Instead, each state's delegation gets one vote, which is first determined by an internal vote within that state's delegation. Tied delegation votes nullify that state's vote. And it's the incoming House that votes--the people elected this November, that is--not the sitting House. God help us if it comes to that."
Believe it or not theres actually enough democratic delegations in red states that if delegations broke along party lines, Barack Obama would win. Now thats not accounting for the possibility of this tie happening with McCain winning the popular vote - which would certainly put pressure on representatives to elect McCain, especially those in red states.
More from Brian Beutler:
"Additionally, there's the small matter that, 204 years after the 12th amendment was ratified, we have 50 state and 50 state delegations--a dreaded even number that I suppose leaves open the possibility that the House vote could also end in a tie. I'm not sure at all what happens then, but if the House hasn't elected a President by March 4, then the vice-president (chosen by the Senate in a majority vote) becomes President. Obviously, Democrats would fare better in such circumstances."
If you think 2000 was dramatic (and it was) just imagine this scenario for a moment. We'll have to wait and see I guess.