President Trump's approval rating has hit a new low just two weeks before the midterm elections, according to a Reuters/Ipsos poll released Monday. Only 31% of Americans approve of his job performance, down one point from two weeks ago, while 66% disapprove—marking the worst numbers of his presidency.

The slide comes as Republicans brace for potential losses in both the House and Senate, with the same survey showing Democrats with their largest advantage yet on a generic congressional ballot. Among registered voters, 47% said they would back the Democratic candidate in their district, compared with 35% for the Republican—a 12-point gap that eclipses the 44-37 Democratic edge seen in the previous Reuters/Ipsos poll.

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Trump's handling of the economy, long considered a relative strength, is also drawing sharp criticism. The poll found 68% of respondents disapprove of his economic stewardship, including 37% of self-identified Republicans—a warning sign for GOP candidates who have tied themselves to the president's agenda.

Polling trend worsens

The Reuters/Ipsos findings align with other recent surveys. A Washington Post-ABC News-Ipsos poll released Sunday put Trump's approval at 33%, four points lower than in July and below any point in his first term. The cumulative data paints a grim picture for a president who has sought to make the midterms a referendum on himself, telling voters to "pretend I'm on the ballot" as he campaigns for Republican candidates.

The downturn traces back to the military conflict with Iran that began in late February. Trump authorized strikes on Iranian targets, and the ensuing crisis—including Iran's disruption of the Strait of Hormuz—drove gasoline prices sharply higher. The national average for a gallon of gas stood at $4.28 on Tuesday, nearly $1.30 above the same time last year, according to AAA, despite a slight recent dip.

In an effort to blunt the economic pain, Trump has rolled out targeted measures. While stumping for Senator Roger Marshall in Kansas on Monday, he announced an $8 billion fund to offset diesel costs for farmers during harvest season—a move detailed in the Kansas rally push. He has also pledged $5,000 to every American adult if Republicans retain control of Congress.

But such promises have done little to shift the overall trajectory. The president's approval has fallen steadily since the Iran conflict began, and his handling of foreign policy is likely to be a liability in competitive races. His recent overtures toward Russia and criticism of Ukraine have drawn rebukes from within his own party, including from Republican Senator Bacon, who called him morally blind on the Russia-Ukraine war.

The Reuters/Ipsos survey was conducted October 16-19 and included 1,679 respondents, with a margin of error of plus or minus 2 percentage points. As the campaign enters its final stretch, the president's sagging numbers are fueling Democratic hopes of a wave election—and Republican fears of a wipeout.