We theorize that evaluations of leaders under terrorist and economic threat vary by both incumbency status and politician partisanship. This argument is based on insights from theories of rally effects, economic voting, and issue ownership, and we assess it with data from four national studies. The first two are experiments featuring hypothetical candidates; consistent with expectations based on issue ownership, the analyses show that Republican incumbents (Democratic challengers) are viewed comparatively better in times of terrorist (economic) threat. Then, with another experiment and with survey data, we consider evaluations of President Obama, whose image under terrorist threat should be helped by his incumbency but harmed by his partisanship, and the reverse for economic decline. We again find evidence supporting our argument and, further, individual-level evidence of issue ownership effects. We conclude that threats, incumbency status, and politician partisanship interact in important ways as they affect evaluations of political leaders.