President Barack Obama's approval rating has fallen 7 points in the past five days, bringing him back down below 50 percent in Gallup's three-day rolling average.

Obama's disapproval rating also jumped 6 points. In total, a 13-point swing over the past five days now puts his approval-to-disapproval split at an even 46-46.

The dip comes just days after Obama and Congressional Republicans failed to resolve their battle over the forced spending cuts known as the sequester. Obama signed a sequestration law into order on Friday, putting $85 billion worth of cuts this fiscal year into effect.

Obama's approval rating has been dropping in other polls, too. In a Quinnipiac poll released in early February, Obama's approval mark also slipped to 46 percent. It also fell to 46 percent in a Fox News poll released last week.

Obama's drop in Gallup reflects an end to the President's post-election honeymoon, and underscores how damaging the ongoing budget battles have been to both parties. As recently as last Tuesday, it stood at a comfortable 53 percent.