As the presidential race heats up in the early states of Iowa and New Hampshire, there’s something noticeably missing from the race — an endorsement from President Obama.

There is no question a Hillary Clinton presidency would do more to solidify Obama’s legacy than a Bernie Sanders presidency, yet there has been no endorsement or campaigning effort from Obama on behalf of Clinton.

Obama has said some kind words about Hillary. In a recent interview with Politico on the 2016 race, Obama said Hillary was ready for the job.

“She can govern and she can start here, day one, more experienced than any non-vice president has ever been who aspires to this office,” Obama said.

But he went on to minimize the distinction between her and Sanders, the junior U.S. senator from Vermont.

Screen Shot 2016-01-27 at 12.26.30 PM“To me, the relevant contrast is not between Bernie Sanders and Hillary Clinton, the relevant contrast is between Bernie and Hillary and Donald Trump and (Texas Sen.) Ted Cruz and the vision that they’re portraying for the country and where they want to take us and how they think about everything, from tax policy to immigration to foreign policy, and that gap is as wide as I’ve ever seen,” he said.

Then, just days after these comments, Obama met privately with Sanders at the White House with less than week to go until the Iowa caucuses.

Sanders said the meeting was “positive and constructive.” In regard to his relationship with Obama, Sanders said, “By and large I have stood by his side. I think he and the vice president have tried to be fair and even-handed in the process, and I expect they will continue to be that way.”

Obama wants a successor who will carry on his legacy, and while his recent comments appear to nod toward Clinton, does he trust her enough to do that?

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“I think Obama will eventually endorse Clinton, but it won’t come until after the South Carolina primary. I think he has great respect for Sanders, but clearly favors Clinton,” said Democratic strategist Jessica Tarlov. “The looming investigation into her email server might contribute to the delay.”

The White House has tried to steer clear of that email scandal.

“Very specific guidance has been given to agencies all across the government, which is specifically that employees in the Obama administration should use their official email accounts when they’re conducting official government business,” said Press Secretary Josh Earnest.

The White House even walked back comments that Clinton’s behavior never posed a threat to national security.

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Meantime, while Vice President Biden considered running this fall, it seemed clear he was Obama’s preferred choice.

“I think his strong performance as vice president has led a lot of people to think that he would be an influential candidate, an effective candidate in the presidential field,” said Earnest.

Biden, possibly with a tacit or even spoken “OK” from Obama, has not been silent since excusing himself from the race. He has taken shots at both candidates, yet he has mostly made favorable comments about Sanders while also making subtle digs at Clinton.

“I’m no Bernie Sanders,” Biden said. “He’s a great guy, by the way. He really is. I’m not a populist. But I’m a realist. He’s doing a hell of a job, by the way.”

When it comes to Clinton, Biden has taken issue with her comment about Republicans as enemies, saying, “I don’t consider Republicans enemies. They’re friends.” Could it be that Biden is playing bad cop so Obama doesn’t have to?

“A Sanders presidency wouldn’t be seen as a rejection of the Obama presidency — there are plenty of similarities between Obama’s bid in 2008 and Sanders’ campaign now — but it also wouldn’t be seen as an extension of his presidency, as a Clinton victory may be,” said Christy Setzer, a Democratic strategist and president of New Heights Communications.

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Could the missing endorsement be the result of bad blood between the two?

Obama and the Clintons have a long history of antagonism that dates back to the 2008 presidential primary. Former President Bill Clinton has been quoted as saying, “I hate that man Obama more than any man I’ve ever met, more than any man who ever lived,” according to journalist Edward Klein’s book “Blood Feud,” which details the relationship between the Clintons and the Obamas.

This hatred stems from when the Obama campaign called Bill Clinton a racist due to comments he made about Obama’s 2008 South Carolina primary victory over Hillary, saying Jesse Jackson had won there 20 years prior. Bill also drew harsh criticism from Obama’s campaign spokeswoman for dismissing Obama’s image in the media as a “fairy tale.”

“Folks are beginning to wonder: Is this really an isolated situation, or is there something bigger behind all of this?” said Obama spokeswoman Candice Tolliver.

The narrative spun by Obama’s campaign that the Clintons were using racist rhetoric did real damage.

Bill hit the campaign trail with Obama in 2012, but not willingly. He knew Obama’s support would be crucial when it came time for his wife to seek the presidency in the next election cycle. The Clintons always think one step ahead, but no one could have predicted the hot water Hillary would find herself in with her email scandal, and the very real prospect she could lose to Sanders.

Today, Obama’s resentment toward the Clintons seems to linger. It was two inspectors general from his administration who recommended the Justice Department open a criminal investigation into Hillary’s handling of classified information. He could have prevented it from happening.

But the lack of an endorsement from Obama going into the battleground states of Iowa and New Hampshire could end up costing Clinton the nomination — especially with Sanders polling ahead in both states. An endorsement from Obama would be extremely beneficial to the beleaguered and controversy-plagued Clinton, who needs a lifeline. But maybe Obama knows this and is waiting to see if she sinks or swims — and then throw her a life preserver to keep her afloat to the nomination.