The problem is one we are familiar with: the deficit. At some point, Obama will have to start slashing the federal budget.
The Republicans are continuing to behave irresponsibly, giving conservatism a bad name, just like Bush.
Balanced budgets have to come first, before big tax cuts - though the tax cuts have to come eventually. Cameron and Osborne are right and Bush was totally wrong.
But Obama is in a bind. He can't increase taxes - he already repels independents. He can't get them back like Clinton, because he is not a Blue Dog Democrat - he is definitely of the left. And he won't cut spending - most of his Presidency has been occupied, in one shape or form, with massively increasing it.
That means America will have bigger and bigger deficits. It can run them for a while, because the dollar is a reserve currency - but how long will that last?
Obama is in trouble. It's the economy, stupid. How, exactly, is Obama going to lop of hundreds of billions in federal spending, in time for 2012?