President Biden’s approval rating is nearing its lowest point of his presidency, according to a new poll, following a string of bank failures that have thrown even more uncertainty into the economy.
The Associated Press-NORC Center for Public Affairs Research survey found Biden has a 38 percent approval rating, marking a fall from recent months. His approval rating last month was 45 percent, which was up from 41 percent in January.
Biden’s lowest point in the polling was reported last July, when 36 percent of respondents approved of the job he was doing in the Oval Office.
The Biden administration has scrambled recently to deal with high-profile bank failures that shook the U.S. banking system and threatened a wider economic crisis. The banking wobbles come as the federal government has fought against inflation that has remained stubbornly high.
Just 31 percent of respondents from the new poll of 1,081 adults said that they approve of Biden’s stewardship of the national economy, a level of confidence that has held steady over the last year. The poll had a margin of error of 4 percentage points.
The dip in overall support comes after Biden saw stronger public opinion results following a number of legislative victories for the White House such as a law to fund domestic manufacturing of microchips, the codification of protection of same-sex marriage at the federal level and a sweeping climate and tax bill.
But after Biden was able to take a victory lap with his State of the Union address earlier this year, Republicans targeted the president on his handling of the U.S. economy.
A looming debt ceiling battle has prompted the GOP to frame Biden’s tenure this far as a period of reckless government spending as Republicans angle for spending cuts in exchange for raising the debt ceiling. The government spending, Republicans argue, has led to high inflation, which the Federal Reserve has tried to fight back against with increases to interest rates.
Biden’s domestic economic battles are compounded by international events that have put his foreign policy positions under a microscope, with Russia and China seemingly inching closer together as the war in Ukraine drags on. Russian President Vladimir Putin hosted Chinese leader Xi Jinping in Moscow this week.
Biden approval rating
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