Erick Erickson of RedState:

"...A sizable portion of those black and hispanic voters voted GOP despite disagreeing with the GOP on fiscal issues. But they are strongly social conservative and could not vote for the party of killing kids and gay marriage. So they voted GOP. 

You throw out the social conservatives and you throw out those hispanic and black voters. Further, you make it harder to attract new hispanic voters who happen to be the most socially conservative voters in the country.

Next, you’ll also see a reduction of probably half the existing GOP base. You won’t make that up with Democrats who suddenly think that because their uterus is safe they can now vote Republican. Most of those people don’t like fiscal conservatism either — often though claiming that they do.

... It’s not time to throw out social conservatives. It’s time to accept that without them the GOP would be even a smaller party even less able to reach out to the hispanic demographic all the smart people say they need to embrace. Addition through subtraction never really works well."