The two incumbent Democrats running for re-election in Michigan -- Gov. Jennifer Granholm and Sen. Debbie Stabenow -- failed to crack the 50% threshold in new polls out Thursday.

Although Republican gubernatorial candidate Dick DeVos and Senate candidate Mike Bouchard trailed their Democrat opponents, the fact that neither Granholm or Stabenow have sewn up the race a month before Election Day has Republicans optimistic about their chances.

The EPIC/MRA poll put Granholm at 46% to DeVos' 40%. Stabenow led Bouchard 48% to 35%. Both had a margin of +/- 4 percentage points.

Tonight I asked state GOP Chairman Saul Anuzis how he viewed the results. Anuzis wasn't discouraged by the numbers. In fact, he said for the incumbents to be where they are -- 46% for Granholm and 48% for Stabenow -- spells trouble for the Democrats.

"These are very encouraging numbers," Anuzis said, "especially when you consider two women incumbents are below 50% in the polls with about 30 days to go!"

Bouchard's camp -- down 13 points -- is planning for a fight till the finish. In a memo to Bouchard supporters, a copy of which was obtained by HumanEvents.com, the campaign touts Stabenow's shrinking lead. In fact, Bouchard gained 6 points from the last EPIC/MRA poll.

But perhaps most interesting is the comparison the Bouchard campaign makes to the 2000 race that featured incumbent Republican Sen. Spencer Abraham and Stabenow. With one month left in the campaign, Abraham had a 9-point lead; by mid-October it was 10 points. Stabenow beat Abraham, 49% to 48%.

Following a highly successful visit from former New York Mayor Rudy Giuliani this week, Bouchard will soon welcome both Sen. John McCain (R.-Ariz.) and Massachusetts Gov. Mitt Romney to the state. The National Republican Senatorial Committee is also on the airwaves in Michigan, making Bouchard the first Republican challenger in the country to receive funding.

Don't count out Michigan yet.