Publicly, Obama administration officials talk only about the economic consequences of a potential debt conflagration in Europe. Privately, though, they are well aware that Europe’s success in dealing with the troubles — and the administration’s success in persuading them to do so — is arguably the single most important factor that will determine Mr. Obama’s re-election chances.
Obviously at the moment any negative shock to the economy would be bad, but... our problems are not the fault of Yurp. It is not "the single most important factor that will determine Mr. Obama’s re-election chances."