David Friedman tentatively makes it:
Faced with a congress controlled by the other party, a substantial minority of it in favor of a sharp reduction in government expenditure and regulation, [Obama] might well decide that his best strategy is to outflank the Republicans on the right. He has already made a few gestures in that direction, in rhetoric if not yet in substance.
That could, of course, mean being even more willing than they are to reduce liberty in the name of fighting terrorism. But it could also mean trying to reduce government expenditure and regulation wherever doing so is not too politically expensive—most obviously the military, which Romney is quite unlikely to cut, but perhaps in other areas as well. And it is at least possible, although not likely, that if the Republicans do not learn from the lesson Ron Paul is teaching, Obama will, that he will conclude that a shift in a libertarian direction somewhere, perhaps drugs or foreign policy, is a sensible tactic to create a Democratic majority.