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It depends. Does he dig his heels in and attempt to continue to push his ideology or does he pull a Clinton, relent, and focus on whatever policies he can realistically work with Republicans on.
If he does the former, I think there's a good shot he's a one term. If he does the latter there's a good shot he's a two term. Other factors play in...how much the economy recovers and how much it can be spun for Obama rather than the congress, who the Republicans run, how much fervor is still going with the tea party, etc...but I think the above is going to be a big one.
I'm more cynical. I think it has more to do with whether the GOP candidate has more charisma. That's consistently been the most accurate predicter in Presidential elections in the TV age.
Purrrrrrs