President Obama isn't riding as high as he thinks. He's popular, though no more than is usual for a new president. His party is in charge on Capitol Hill, but its command of the Senate is fraying. And just last week, the faint outlines of a center-right coalition in opposition to Obama's policies--and increasingly to Obama himself--began to emerge. It's an embryonic grouping that may prove to be ephemeral. But maybe not. Obama's situation is the same as Bill Clinton's in 1993. Clinton had run for president as a moderate, just as Obama ran as a pragmatic, rather than an...