I expect a lot of partisan gridlock. A few good pieces of bi-partisan legislation will go through, but nothing major will happen. But unless President Obama can win reelection and get back solid Democratic majorities, he will have no more major legislative accomplishments.
Heading into the 2012 elections, Republicans will blame the gridlock on the Democrats, and the Democrats will blame the gridlock on the Republicans.
I think that pretty much sums up what most are thinking. 
Would it be fair to assume that President Obama is in an early lame-duck status? With 2012 not looking really good for him, could he be a lame duck just 2 years after inauguration?
I'm not sure what you mean by that. I don't particularly like him, but I think that Obama will win in a small landslide, and I know that I'm not alone.
