We've been talking about this possibility in class for some time. The Washington Post argues that two recent missteps by the White House have weakened his support among Republicans--which has dipped below 70% when it should be above 90%.
The first was his decision to back Senator Kennedy's proposal to open citizenship to some illegal immigrants (they termed this amnesty) the other was the decision to commute Libby's sentence, not give him a complete pardon. Add Republican defections on Iraq, and you get a trifecta.
Conservatives thought the president went too far in the former and not far enough in the latter. This has made it more permissible for conservatives to criticize him freeing up those who end up being called by Gallup and other, to state they they disapprove of the president's performance when asked.
The story points out that Bush's saving grace may be the Democrat controlled Congress. If they start sending him bills calling for more spending he can veto them and regain a reputation as a fiscal conservative. Maybe too little for him to have an impact on governance, but enough to rally support for the eventual Republican nominee.