http://online.wsj.com/article/0,,capital_journal,00.html(snip)
Less noticed, but more consequential, is the gathering threat to President Bush's political standing. And just as with the nose-diving candidacy of Howard Dean, the problem is largely self-inflicted.
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Paul O'Neill... also raised questions about Mr. Bush's leadership. Selecting a Treasury chief who disagrees with your centerpiece economic policy, then ignoring him, is a large blunder.
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This
strategy left Mr. Bush vulnerable on two grounds. The first was the deepening misgivings that Mr. Bush already faced on Capitol Hill, from Republicans as well as Democrats, over both the deficit and Iraq. The second is the fact that both of Mr. Bush's lines of argument were susceptible to being discredited with the broader public. Which is precisely what now has happened.
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Even harder to dismiss are complaints from Republicans such as Sen. Chuck Hagel of Nebraska of "exaggerations" in the Bush administration's case for war. If the public comes to share that view, Mr. Hagel warns, "that would put the president in a very bad position. ... Do we trust his word? Do we trust him to lead this country? That's what this election will come down to."
That is a predicament that Bill Clinton, with his popular policies and golden tongue, might be able to talk himself out of. But it is an especially hazardous one for Mr. Bush.
Write to John Harwood at john.harwood@wsj.com