President Obama’s approval rating has hit a two-year low, according to a new poll released Wednesday.

Obama has a 47 percent personal-favorability rating in the latest Bloomberg National Poll, his worst mark since the survey’s launch in 2009. Forty-nine percent view the president unfavorably.

Obama’s low marks come as he embarks on a crucial stage in his presidency, rallying support for the rollout of Obamacare amid public uncertainty over his landmark domestic legislation. Obama also faces the prospect of a federal shutdown as lawmakers struggle to pass a continuing resolution to fund the government.

House Republican lawmakers passed a spending bill which strips funds from Obamacare, and while the measure is dead in the Senate, it leaves Congress with little time to reach an accord before an Oct. 1 deadline. In mid-October, lawmakers must also raise the nation’s borrowing limit to avoid a default.

Obama has refused to negotiate with GOP lawmakers, insisting on a clean hike to the debt limit and vowing to repeal any spending bill which blocks Obamacare funding. The White House believes Republicans will shoulder the blame for any shutdown.

That strategy bears risks for the president if a shutdown undermines the nation’s economy. The Bloomberg poll finds that Obama has a 53 percent disapproval rating on the economy to 38 percent approval.

Overall, 27 percent of respondents say the economy will be better in 12 months, with 28 percent saying it will be worse. Forty-four percent expect no change.

The poll finds general discontent with Washington, with 68 percent of respondents saying the nation is on the wrong track to 25 percent who say it is moving in the right direction.

A silver lining for the White House is the higher unfavorable rating for the GOP, with Republicans tabbing a 56 net unfavorable rating to a 34 favorable mark.

Democrats are also underwater with a 47 unfavorable, 44 favorable split.

The poll has a margin of error of 3.1 percentage points.