President Obama's approval rating has hit an all-time low of 39 percent, dropping below 40 percent for the first time in Gallup's daily tracking poll. The setback comes just as Republican efforts to pick a 2012 challenger are picking up steam, with Rep. Michele Bachmann winning the momentum-building Iowa straw poll and Texas Gov. Rick Perry making a long-awaited entry into the race. What are political analysts reading into Obama's falling numbers? Three theories:
1. Blame the economy
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