They'll scream and cry and demonstrate, as liberals always do, but what can they actually accomplish other than to try to elect someone else in 2012? And they won't succeed. Obama appears to be a politician through and through, and will do whatever is necessary to secure his power.
Random Thought:
The BIG goal for us conservatives should be to focus on taking back California. It is a HUGE amount of electoral votes and could counter the loss of several states.