Somehow, I don't think that that will happen. What they'll do is blame it on the Republicans anyway. They'll say that Bush et al, made such a mess of things that they were *forced* into the position of doing these things to *fix* everything.
They won't take responsibility for their actions.
The Obama die-hards will certainly find a way to blame the Republicans, but I’m not so sure about the 40% or so of independents who have bought into it. I think they’d turn on him pretty quick if/when everything goes south.