I disagree- I think President Obama will be in the White House for four more years. I think the nomination process has already done damage to Mitt Romney and it will get much worse over the next couple weeks.
As far as far left moves, they wouldn't be seen that way a few decades ago- we are leaving our wars in the middle east, so it is (or should be expected), that there will be cuts in defense spending. In addition to that, we knew a long time ago that the debt limit would go up- regardless of what party the president is affiliated with. Personally, I would like to see an investment made into finding the appropriate ways to cut defense spending even more. And no, I'm not a far-left whacko who just wants to get rid of the military. I just feel that something with the scope of our military is difficult to keep cutting edge, without losing efficiency. If we take the time to identify the redundancies and inefficiencies, we can maintain the current level of excellence, while making it even more efficient. This can be done, but it wouldn't be without cost, in terms of dollars and time.