Economy Eats Up Obama's Popularity Boost

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The bump President Obama received in the popularity polls after the death of Osama bin Laden has disappeared and been replaced by high disapproval of his handling of the economy.

An ABC News - Washington Post poll shows Americans across the board put Republican presidential candidate Mitt Romney and Obama in a virtual dead heat in a general election. Both are tied at 47 percent among registered voters, according to the survey.

The poll also revealed:

  • 89 percent of Americans say the U.S. economy is in bad shape. 
  • 60 percent disapprove of the president's economic policies and give him a failing grade.
  • 45 percent of Americans trust Republicans on the economy -- an 11 percent gain in two months.

Obama says turning things around will take more time.

"Now we've got a ways to go. There will be bumps on the road to recovery," the president said.

But Romney is calling for change.

"He could talk a dog off a meat wagon and yet he hasn't delivered," Romney said.

Meanwhile, Republican presidential candidate Tim Pawlenty is set to announce a plan to balance the federal budget. The plan includes simplifying the tax system.

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