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Obama agenda: What goes up, must ...

... come down. Here's our take on the latest NBC/WSJ poll: "For much of his first year in office, President Barack Obama has largely defied political gravity in the midst of skyrocketing unemployment, an ambitious legislative agenda and wars in Iraq and Afghanistan… But now nearing the end of his first year in office, the economy, the wars and the legislative skirmishes finally have taken a toll on the president and his party."

Here's the Journal's take: "Less than a year after Inauguration Day, support for the Democratic Party continues to slump, amid a difficult economy and a wave of public discontent… The findings underscored how dramatically the political landscape has changed during the Obama administration's first year. In January, despite the recession and financial crisis, voters expressed optimism about the future, the new president enjoyed soaring approval ratings, and congressional leaders promised to swiftly pass his ambitious agenda."

Meanwhile, a new AP/GFK poll "shows the president's popularity holding steady, with 56 percent of those polled approving of the way he's taking care of the country's business. His marks for handling the 8-year-old war in Afghanistan have jumped by double digits, with more than half now approving, since he capped a three-month strategy review by announcing a big troop increase."