TheHill.com - Analysis: July has been disaster for Obama, Hill Dems

Light said that capital, even for a president who enjoys immense personal popular support like Obama, is spent a bit at a time on each initiative or piece of legislation.

"I think the Obama administration has been spending political capital at roughly the same rate the federal government spends money," Light said. "Eventually, it runs out."

Light quoted President Lyndon Johnson, who said that "if you don't get it done in six months, you're not going to get it done."

US, China upbeat on climate treaty

Let's be frank: neither of us profits from a growing dependence on foreign oil, nor can we spare our people from the ravages of climate change unless we cooperate, Obama told the opening session.