Only after being confronted by the Republican leadership, who informed him that they were not going down with the ship he captained.
And that is one of the more curious aspects about the current state of the Democrats (which is dire beyond belief, for a political party).
I made a prediction well over a year ago, that the old guard in the Dim party would, at some point, make it clear to Obama that he was taking the party over a cliff, and that they would not allow him to do that. I fully expected them to give him 'an offer he couldn't refuse', but it appears that the old guard is either too cowed by the Obama cabal, or too clueless, to do that.
I can't believe that they've let this situation fester this long into the 2012 campaign season without moving him out of the way for a new challenger. Perhaps they're resigned to their fate, and are ready to face their long wandering in the political wilderness.
The Democrats are now trapped by that which they used to their advantage in the past: Race.