Currently President Obama’s job approval rating stands at only 40 percent according to the latest Gallup poll. This is the lowest support Gallup has yet found in their polling. From Gallup:

President Obama's Job Approval Rating, Trend From November 2009

Part of the problem for the President is the likely the result of the debt ceiling fight, which has made the American public very unhappy with everyone in Washington.

Despite that fact, I don’t think there will be much of a bounce back for Obama once this fight is resolved. President Obama’s problems go much deeper than just this temporary fight.

Americans overwhelmingly say the top problems facing the country right now are jobs and the economy, and the most recent economic news has been really bad. If you can’t deliver on what the electorate wants most, it is hard to win re-election.