This recent paragraph from The Economist neatly assesses the outlook for President Obama.
“Any assessment of Mr Obama needs to acknowledge that when he was elected he inherited the in-box from hell: a financial collapse, a prostrated economy, two wars. Now he faces the opposition from hell: a reckless, populist Republican Party whose moderate voices have been silenced by ideologues and which has made throwing him out of office its foremost priority. For these tribulations he deserves a degree of sympathy. But Americans want their presidents to be winners, not victims. If he expects another term, Mr Obama is going to have to raise his game—especially if the Republicans find that candidate.”
-The Economist, 6 August 2011