He is already giving clues about how he will govern in the last two years of his term.

Obama will try to make gains on deficit reduction, education and energy. He will enforce his health care and financial overhauls and try to protect them from repeal should Republicans win control of Capitol Hill. He will use executive authority when blocked by Congress, and steel for scrutiny and investigations if the GOP is in charge.

While trying to save money, Obama will have to decide whether to bend to Republican and growing Democratic pressure to extend Bush-era tax cuts, even for the wealthy, that expire at year's end. Obama wants to extend them for people making less than $200,000 and married couples making less than $250,000, but a broader extension is gaining favor with an increasing number of Democrats.

Moving to the fore will be a more serious focus on how to balance the federal budget and pay for the programs that keep sinking the country into debt.

In other times, that discussion might seem like dry, Washington talk. Not now. People are fed up with federal spending, particularly as many remain jobless.

The White House refuses to talk about how the president will have to adjust his style or goals if power in Congress tilts right, for fear of undermining what Obama is still campaigning hard to do: keeping Democrats in power. There is no conceding as Obama recruits voters and rallies supporters all the way to Nov. 2.