Over 1,500 people are killed in the August 16 attacks when a group of British Muslims detonate bombs aboard seven flights from London en route over the Atlantic. Forensic analysis of the debris is impossible, and the terrorists' affiliation with al-Qaeda is initially unclear until the group claims responsibility a week later.
8/16 ends up being the second deadliest terrorist attack in human history, and more or less a repeat of 9/11 in its effects on the nation. Global stock markets drop sharply with all flights grounded, triggering a severe economic and financial meltdown. Hate crimes against Muslims surpass 2001. Opposition to Bush's troop surge disappears and Obama's fledgling campaign sinks. Hillary Clinton is the obvious frontrunner after a disappointing midterm for Democrats, but the post-8/16 nationalistic hysteria and an Eagleton-style scandal for the Clinton campaign in the form of Bill Richardson's campaign finance violations allow McCain to eek out a narrow victory.
Senator John McCain (R-AZ) / Fmr. Secretary of Homeland Security Tom Ridge (R-PA) ✔
Senator Hillary Clinton (D-NY) / Senator Evan Bayh (D-IN)
...A presidency which ends up being a total disaster. Iran is invaded in 2009 and the subsequent oil shock turns the recession into a second Great Depression.