Barack Obama's approval rating on the economy has fallen to the lowest level of his presidency. That's the latest word from a Gallup poll released on Wednesday.

Just two weeks after the president and Congress agreed on a deal to cut federal spending and raise the debt ceiling, only 26 percent of those asked said they approved of how the president is handling the economy. Seventy-six percent disapproved of Obama's work on the budget deficit and 71 percent disapproved of his efforts to create jobs.

The White House recently announced that Obama plans to address the nation on job creation and other economic issues next month.

Approval for Obama's handling of the war in Afghanistan has also declined. In May, the president's approval rating in this area hit 53 percent after the killing of al Qaeda leader Osama bin Laden. Now, it has dropped to 38 percent. This is possibly a reflection of the country's reaction to the downing of a U.S. military helicopter, which claimed the lives of 30 troops.

The Gallup poll was based on telephone interviews with 1,008 adults conducted between Aug. 11 and Aug. 14. The margin of error was plus or minus four percentage points.

More From TSM Interactive