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Does the Republican Party Have a Future in National Presidential Politics?

Does Republican opposition to Obama herald the continued decline of the Republican Party? Matthew Yglesias wonders if the answer is "yes":

Matthew Yglesias: Does the GOP Governors Split Foreshadow the Party’s Future?: The issues posed by the stimulus bill are only tangentially related to those of “ordinary” politics. But if this is the future, then it’s a bit hard to see it playing out well for Republicans:

For some [governors] — mostly Democrats but also a few prominent moderate Republicans — the bill represents an admittedly imperfect but desperately needed infusion of cash that will help them avert thousands of layoffs. For others — predominantly conservative Southern Republicans — the flaws partly outweigh the benefits. And for those with presidential aspirations, the strong stance in opposition to the Obama administration may be seen as a way to stand out and stake a claim to leadership.

If it’s true that the only kind of politics that will play in a GOP presidential primary is the kind of politics that plays in Louisiana, Mississippi, and South Carolina but not California or Florida (!) then it’s just hard to see how Republicans get to a majority.