Ezra Klein explains the Obama strategy:
There’s a reason they’re playing down the audacity of their first term and deemphasizing the policies that they think would do the most to help in a second. The American people, their research shows, are tired of audacity and skeptical of big ideas. They’re willing to believe Obama has done about the best job he could have been expected to do given the collapse of the global economy and the intransigence of the Republicans. But if they’re going to believe that, they’re also not willing to believe that he’s got all the answers now, or that his next big idea is the one that will really turn all this around. If they’re going to lower their expectations, he needs to be more realistic in his promises.
And so the Obama campaign is downsizing its ideas, at least for the remainder of the campaign.