Charles Krauthammer details the said malaise in which Obama finds himself.

Fate is fickle, power cyclical, and nothing is new under the sun. Especially in Washington, where after every election the losing party is sagely instructed to confess sin, rend garments and rethink its principles lest it go the way of the Whigs. And where the victor is hailed as the new Caesar, facing an open road to domination. . . . . . .  Thus emboldened, Obama turned his inaugural and State of the Union addresses into a left-wing dream factory, from his declaration of war on global warming (on a planet where temperatures are the same as 16 years ago and in a country whose CO2 emissions are at a 20-year low) to the invention of new entitlements — e.g., universal preschool for 5-year-olds— for a country already drowning in debt.

To realize his dreams, Obama sought to fracture and neutralize the congressional GOP as a prelude to reclaiming the House in 2014. This would enable him to fully enact his agenda in the final two years of his presidency, usually a time of lame-duck paralysis. Hail the Obama juggernaut.

Well, that story — excuse me, narrative — lasted exactly six months. The Big Mo is gone.

It began with the sequester. Obama never believed the Republicans would call his bluff and let it go into effect. They did.

Taken by surprise, Obama cried wolf, predicting the end of everything we hold dear if the sequester was not stopped. It wasn’t. Nothing happened.

Highly embarrassed, and determined to indeed make (bad) things happen, the White House refused Republican offers to give it more discretion in making cuts. Bureaucrats were instructed to inflict maximum pain from minimal cuts, as revealed by one memo from the Agriculture Department demanding agency cuts that the public would feel.

Things began with the near-comical cancellation of White House tours and ended with not-so-comical airline delays. Obama thought furious passengers would blame the GOP. But isn’t the executive branch in charge of these agencies? Who thinks that a government spending $3.6 trillion a year can’t cut 2 percent without furloughing air-traffic controllers?

Looking not just incompetent at managing budgets but cynical for deliberately injuring the public welfare, the administration relented. Congress quickly passed a bill giving Obama reallocation authority to restore air traffic control. Having previously threatened to veto any such bill, Obama caved. He signed.  [the entire article is worth the read,  and frames the collapse of the Obama "magic].