"From the discussions we had, it's clear we are on the precipice of achievement that's eluded Congresses, presidents for generations -- an achievement that will touch the lives of nearly every American," Obama said.
According to Merriam-Webster online:
1 : a very steep or overhanging place
2 : a hazardous situation; broadly : brink
It seems that if the President viewed reform in a positive light he would have used a more positive term, like verge. Precipice to me certainly carries a connotation of peril.