The conservatives and independents will clobber the Democrats this Fall, followed by Obama "triangulating" toward the center as Clinton did after the Gingrich revolution in '94 took the Democrats out of power.
The Bush tax cuts will be continued for those under $250K as Obama wants, but we will all discover that this was the most expensive part of the tax cuts because there are so many more under $250k.... so it will do nothing to solve the revenue problem.
The Republicans will introduce austerity measures as proved to work in Germany and elsewhere. That alone will give a lot of confidence to industry. They will then significantly revise the Health Care law, making clear what the costs and options for employers will be. These actions will lead us out of our "depression" (mental at least, but very nearly economic too!)
Obama will take a lot of credit for this all and will win a second term, just like Clinton did. But one re-elected, with the real power back in Congress, rather than keeping himself busy philandering, Obama will play more golf, b-ball and party really big time!
Seriously..... This is why the President is doing just about everything he can to make sure his fellow Democrats in Congress lose this Fall. If they maintain control, and things continue has they have been, HE will go down in 2012. That is not going to happen.