US PRESIDENT Barack Obama is paying a heavy price for the ongoing battle between the Democrats and Republicans over the debt ceiling issue. With the two sides have been unable to settle the issue, people are losing faith in the president, and as a result, he has slipped down in the popularity charts, in the process receiving a low approval rating. His approval rating stood at a low of 46 per cent in the month of June and most of July, while dropping further towards the end of the month.

According to the Gallup Daily tracking survey, Obama’s job approval ratings stood at a high of 72% among Democrats, but were comparatively low among independents and Republicans, at 34% and 13%, respectively. His average approval rating stood at 79% among Democrats, 41% - independents and 12% - Republicans.

The poll results are quite opposite to what people expected from their new president when he was sworn-in in January 2009. They were hoping to see an increase in job opportunities, growth in economy, but the president has failed to keep his promises.

If the debt ceiling issue is not settled soon, not only the president, but also the Congress will see a decline in their ratings. Presently, Congress enjoys a rating of 18%. On the other hand, a debt ceiling agreement could mean an increase in public trust for the president, as well as the economy.