Yup, that's how I read it, too.
I really hope it doesn't happen, but I have a sinking feeling that something is going to happen before the 2012 election.
Obama's response will determine whether he get's re-elected (like Bush), or defeated (like Carter).
For the simple reason that he wouldn't want to 'lose the entire Democrat Party' over it. Plus he would also silently relish an attack on America. "The bastards got what they deserved."