I think Arraya and Patientrenter have it right. It is the general dissatisfaction with the direction of the nation (rather than a strong repudiation of Obama) that has caused the upset. But if this extends to November, Obama may join the Jimmy Carter & George H.W. Bush club. I think we may start seeing many one term Presidencies now onwards. When the problems are intractable, the electorate can at least take revenge by causing churn.