Obama hits low of 40% in Gallup tracking poll

President Obama's approval rating has hit an all-time low of 40% in the Gallup daily tracking poll.

His disapproval rating is up to 50%, the poll said

"Obama's approval rating averaged 46% in June and was near that level for most of July," the poll reported. "However, it has stumbled in the past few days, coinciding with intensification of the debt ceiling/budget battle in Washington."

The poll said, "Obama's job approval rating among Democrats is 72%, compared with 34% among independents and 13% among Republicans. In the prior three weeks, his average approval rating was 79% among Democrats, 41% among independents and 12% among Republicans."

More analysis from Gallup:

The inability of U.S. lawmakers to agree on the debt ceiling has apparently shaken Americans' confidence in the economy and now seems to be taking its toll on the president's public support, with Obama's approval rating at a new low.

As the debt ceiling talks drag on, his ratings, as well as those of Congress (last measured at 18% in early July), could decline further.

By the same token, if an agreement is reached, it could restore some degree of public confidence in U.S. political leaders and in the economy.

Results are based on telephone interviews conducted July 26-28 on the Gallup Daily tracking survey, with a random sample of 1,463 adults nationwide. Margin of sampling error is plus or minus three percentage points.