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House Speaker Nancy Pelosi (D-Calif.) slammed John McCain's selection of Alaska Gov. Sarah Palin, saying that it raises questions about his judgment.

Here's her statement:

"The selection of a vice presidential candidate is one of the most significant and telling decisions a presidential candidate can make. John McCain

President Bush praised John McCain's pick of Alaska Gov. Sarah Palin as the Republican vice presidential candidate.

Here's his statement:

"Today, Senator McCain made an exciting decision in choosing Alaska Governor Sarah Palin to join him on his ticket as the Vice Presidential candidate. Governor Palin is a proven reformer who is a wise steward of taxpayer dollars and champion for accountability in government. Governor Palin

MoveOn.org's executive director Eli Pariser is questioning whether Alaska Gov. Sarah Palin, the Republicans' new veep candidate, would be up to the job of being president.

Here's Pariser's tough statement:

"On his 72nd birthday, Senator McCain has chosen a VP based on her political currency rather than her ability to lead our country in a crisis. If John McCain wins in November, he'll be the oldest president in US history, and Sarah Palin would be a heartbeat away from being our Commander in Chief. It's not only fair, but critical in this case, to ask if she's up for the job of Commander in Chief. We just can't afford a gamble like this with our future."

Barack Obama's lead over John McCain has jumped to 8 percent after running essentially tied with the Arizona senator heading into the Democratic convention, according to the latest Gallup daily tracking poll.

Barack Obama and running mate Joseph Biden just release a statement on Palin:

We send our congratulations to Governor Sarah Palin and her family on her designation as the Republican nominee for Vice President. It is yet another encouraging sign that old barriers are falling in our politics. While we obviously have differences over how best to lead this country forward, Governor Palin is an admirable person and will add a compelling new voice to this campaign.

Democrats jumped at the opportunity to frame Alaska Gov. Sarah Palin (R) as inexperienced and unqualified minutes after John McCain announced the Alaska Republican will be his running mate.

"Today, John McCain put the former mayor of a town of 9,000 with zero foreign policy experience a heartbeat away from the presidency," Barack Obama spokesman Bill Burton said.

"Governor Palin shares John McCain's commitment to overturning Roe v. Wade, the agenda of Big Oil and continuing George Bush's failed economic policies -- that's not the change we need, it's just more of the same," said Bill Burton, Obama Campaign Spokesman."

Sen. Charles Schumer (D-N.Y.) also issued a statement attacking Palin's inexperience, calling the pick "troubling."

"Certainly the choice of Palin puts to rest any argument about inexperience on the Democratic team and while Palin is a fine person, her lack of experience makes the thought of her assuming the presidency troubling," Schumer said.

Schumer added, "I particularly look forward to the Biden-Palin debate in Missouri."

Rep. Rahm Emanuel (D-Ill.) said the pick shows "panic" on the McCain campaign's part, as well as a lack of "judgment."

"Is this really who the Republican Party wants to be one heartbeat away from the Presidency?" Emanuel said in a statement. "Given Sarah Palin's lack of experience on every front and on nearly every issue, this Vice Presidential pick doesn't show judgment: it shows political panic."

In announcing the pick the McCain campaign hailed Palin's record as a reformer, but did not call attention to her recent term as mayor of Wasilla, Alaska (population of less than 10,000) saying only that she "is ready to be president."

Howard Wolfson, the spokesman for Sen. Hillary Rodham Clinton's (D-N.Y.) failed presidential bid, suggested that John McCain's veep pick of Alaska Gov. Sarah Palin (R) could reopen old wounds.

"If the pick is indeed Sarah Palin you are going to have a lot of women voters wondering why Senator Obama didn't tap Senator Clinton as his running mate," Wolfson wrote on The Plank.

Wolfson had earlier argued on The New Republic's blog that a woman veep selection would reestablish McCain's reputation as a maverick. Wolfson, however, had another name, former eBay CEO Meg Whitman, in mind.

With speculation swirling that Alaska Gov. Sarah Palin (R) will become John McCain's running mate, the Club for Growth sent out a release extolling the possible veep candidate.

Here's what Pat Toomey, president of the anti-tax group, said in a release:

"At a time when many Republicans are still clinging to pork-barrel politics, Governor Palin has quickly become a leader on this issue. She is a principled reformer who understands how badly wasteful spending has marred the Republican brand."

The Club also called Palin "a reformer unafraid to take on the establishment," and then noted her directions to abandon the much-derided Bridge to Nowhere project.

One issue on which McCain and Palin disagree is whether to drill for oil in the Arctic National Wildlife Refuge. McCain opposes drilling there while Palin has supported oil exploration, a position that the Club has espoused.

John McCain will pick Alaska Gov. Sarah Palin (R) as his running mate, reports the Chicago Tribune.

A Republican source told the Tribune's Jill Zuckman that McCain will announce the 44-year-old first-term governor Friday in Dayton, Ohio. The McCain campaign, however, has not confirmed the announcement.

Rahm Emanuel celebrated the end of the Democratic National Convention on the dance floor, showing off his moves at Thursday's Google/Vanity Fair party in Denver.

With his jacket and tie off, the top two buttons of his white shirt undone and the sleeves rolled up, the Illinois Democrat danced enthusiastically to a mix of '70s and '80s dance moves.

And he wasn't the only politician at this celebrity/political mix.

Sen. Byron Dorgan (D-S.D.) checked out the wiis but declined to play. Sen. Bill Nelson (D-Fla.) made his way through the crowded room in a green cardigan, but admitted he was getting warm and would probably remove.

Sen. Sheldon Whitehouse (D-R.I.) wisely passed over the long line at the bar and helped himself to a beer from its storage case. And Sen. Claire McCaskill commandeered a booth in one of the more quiet areas of the multi-room event.

Several celebrities mingled with the ordinary folks. Actress Susan Sarandon and Anne Hathaway held court in the VIP area just off the dance floor. "Mad Men" star Jon Hamm posed for pics with female fans and said he was enjoying his first political convention. He added he took plenty of pictures of Sen. Barack Obama (D-Ill.) during his acceptance speech.

Taking place at the Exdo Event Center on the final night of the Democratic National Convention, Obama's acceptance speech played on flat screens in the several rooms that made up the party. The main room contained bars made out of ice, lounge chairs and several choices of food. The second room contained the dance floor, while a third room contained a quiet bar area and a fourth room was filled with wiis. The party went until 2:00 a.m. and when the music stopped the crowd called "more music, more music" but alas, all good things must end.