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: