President Obama's approval rating has hit it all-time low of 41 percent, according to the Gallup daily tracking poll. 

A three-day average of the poll shows that 50 percent disapprove of the job he is doing as president, two points shy of his all-time low. 

Obama's approval was previously at its low point in August and October 2010, leading up to the 2010 midterm elections when the Democratic Party and he took a self-described shellacking. 

The numbers come as Obama delivered his plan for deficit reduction and saw his spending compromise pass through Congress, although Gallup said that the budget deal did not have a tangible effect on his approval rating.

Obama's low ratings could be due to the still-struggling economic recovery and rising gas prices, which Gallup says have traditionally driven down presidents' approval. 

Obama has begun to make his case for reelection to supporters, kicking off his campaign's fundraising effort on Thursday in his hometown of Chicago. 

But the president has a lot of work to do with Independents. Obama only received 35 percent approval from the key voting bloc, nine points off his average for the group in 2011. 

Seventy-four percent of Democrats approved of Obama's job performance, four points off the 2011 average. 

Gallup polled 1,540 adults from April 12 to 14, and the survey has a margin of error of three percentage points.