It’s not as bad as it looks for President Obama.

It’s much, much worse.

July and August are looking like a summer of quicksand for the president, and there is nobody left to throw him a rope.

The more he kicks, the farther he sinks.

It’s still way too early to pronounce Obama’s reelection hopes dead. But this is either the low point before the comeback or the beginning of the end.

And really, it could go either way.

The tailspin scenario is easy enough to envision: A double-dip recession combined with the continued assault from House Republicans means all GOP front-runner Mitt Romney has to do is remember to put on pants, and he walks into the Oval Office in January 2013.

At this moment, that’s where the smart money is.

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