Bottom line, Gregg "searched his heart" (President Obama's words) and felt that he couldn't cross party lines. In fact, Gregg noted that he and the administration didn't pay enough attention to policy disputes, including both the handling of the census and the much-debated stimulus package. To his credit, Gregg took most of the blame in his press conference, stating that "... this was simply a bridge too far for me."

So, this is two nominees down, can Obama swing and miss again with his third nominee? If there is anything that President Obama can thank the current economic crisis for is taking a bit of the focus off the continued failures of some of his nominees (again, please understand that I am not criticizing the President - just pointing out facts).

Facing two outs in the bottom of the seventh here (it isn't the ninth yet) with two strikes, where does the President turn to hit one out of the park rather than swing and miss again? There are some interesting nominees out there on the Intrawebs, with the Huffington Post suggesting Bill Gates (imagine him unleashing a jar of mosquitoes at a congressional hearing) and we could see Symantec's (NASDAQ:SYMC)CEO John Thompson surface as a candidate again.

If there is any good news coming out of the situation, President Obama has some time. Watch for him to take his time to find the "perfect" candidate, hoping to at least keep himself alive with a foul tip.