By NiallO’Dowd

THERE was good news for both leading presidential candidates this week when Time magazine and The New York Times offered evidence that Senators John McCain and Hillary Clinton have become very much the front runners for the 2008 race.

If this is so it sets up one of the most exciting presidential races in modern times, one that certainly contrasts favorably, in terms of the quality of the candidates, with the Bush/Kerry race in 2004.

It will also set up an interesting dilemma for many Irish American organizations. Clinton, of course, because of her and her husband’s work on Northern Ireland and other Irish issues, has always enjoyed very significant Irish support.

Recently, however, McCain has also begun focusing on building his Irish credentials, especially on the immigration issue. He has headlined several events hosted by the Irish Lobby for Immigration Reform. In addition, one of his top staffers is Mayo-born Angela Hession, who has ensured that the Arizona senator is kept abreast on Irish issues.

McCain’s move towards the Irish is an interesting one. Until quite recently he was seen as problematic on the Northern Ireland issue, much too close to the British Embassy in his beliefs.

Indeed, he made a very poor impression on many leading Irish Americans at an American Ireland Fund dinner in Wash-ington a few years back when he was very outspoken against Sinn Fein.

His embrace of the immigration issue, however, has given him a major entrée into the Irish American community again. Recently he was the headline speaker at the Irish America magazine Wall Street 50 event where he wowed the crowd.

Clinton, of course, has also had a continuing outreach to the Irish American community. She has been a solid supporter of Irish American Democrats, the organization run by the tireless Stella O’Leary in Washington, D.C., and recently spoke at one of the group’s events.

Her record and that of her husband’s in helping bring the Irish peace process to fruition will always ensure she has the ongoing respect of much of Irish America.

So who would win a race between America’s two most talented politicians? Right now the odds would have to be about even money that the two will square off in 2008.

This week’s Time magazine has a cover story on Clinton and publishes a series of polls that showed that despite much opposition among Republicans, she remains by far the most viable presidential candidate for her party.

Meanwhile, The New York Times reported on its front page on Monday that McCain has locked up a surprising number of top Republican officials, including several Bush confidantes, in his drive for the White House.

A Clinton/McCain race would be mighty close if they ran against each other for president, Time reported, with only a two percentage point margin favoring McCain.

Of course it’s early to be handicapping the race, and much can happen between now and the fall of next year when the real campaigning begins for the party nominations.

Both candidates could have significant negatives by then. McCain is 70 this year and has had health problems. Clinton remains the most polarizing figure in American politics after President George W. Bush. Both may yet be done down by such drawbacks.

That would be a pity forever. The prospect of the two best politicians going head to head in the 2008 presidential race is a hugely exciting one. It is not surprising that the speculation has already begun.