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Between the debt crisis and S&P downgrade, President Obama has been having a less than sunny summer. And the bad news is getting even worse as his approval rating has dropped to the lowest level of his presidency. According the latest Gallop poll, the President is polling below 40% for the first time since he took office. The Los Angeles Times reports:

New data posted Sunday shows that 39% of Americans approve of Obama’s job performance, while 54% disapprove. Both are the worst numbers of his presidency. Obama’s approval rating has hovered in the 40% range for much of 2011, peaking at 53% in the weeks following the death of Osama bin Laden. But Americans’ view of his job performance continued to tick downward as the debt-ceiling debate heated up. By the time he signed legislation averting a federal default, he was mired in the low-40% range.

Unfortunately, the President’s low polling is coming just as the Republican race is gearing up. Michelle Bachmann, the winner of this weekend’s Ames straw poll is look to be the clear front runner neck and neck with Rick Perry and Mitt Romney.

As the race for 2012 heats up is President Obama’s reelection a sure thing or will the race be neck and neck? Weigh in Clutchettes and gents- tell us what you think!

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