Are we seeing the last days of the Republican Party?

This past weekend news shows were ripe with comments and pundits proclaiming the Rebublican Party of the US is dead or certainly dying. Today, Sen. Spector of PA announced he’s leaving the Replublican Party for the Democratic Party.

Are we witnessing the beginning of the end of the Republican Party? And if you believe the answer is “yes”, should the Democratic Party be the only significant policitical party remaining in America?