Is Obama peaking too early?

ABC News
Power Players

Top Line

Barack Obama is having a very good month, at least as far as presidents facing a tough re-election go.

As Yahoo News Washington Bureau Chief David Chalian points out, the President's approval rating cracked the critical 50 percent mark in the latest ABCNews/Washington Post poll this week.  Obama is now leading Mitt Romney in a hypothetical match-up with a margin of 51-45 percent. No doubt that boost comes in large part from the improved economic picture and especially the report last week that unemployment is at a three-year low.

That's good news for Obama. But is that good news coming too early?  Candidates want the trending pendulum to swing their way — but election day is still nine months away.

Amy Walter, ABC's Political Director, reminds that independent voters decide elections. And on that front, Obama's prospects are mixed. If the election is about tax code fairness — Obama wins, handily. Indies give him 48% to 47% approval rating on the issue.  But, if the election is about job creation and economic revival, Obama has some convincing to do. Just 39% approve of the job he's done on creating jobs — and just 41% approve of his handling of economy.

And whether the pendulum is swinging in his direction or not, ABC News' Rick Klein explains Obama isn't taking any chances. The President's absolute 180 degree turn on the issue of supporting Super PACs means that the Obama campaign will now send surrogates out to actively fundraise for Priorities USA. They see the numbers, and they're scary numbers, of big money being raised on the other side.