Political panel: Disapproval rating

>>> the latest polls are consistently showing a dead heat between president obama and mitt romney . but take a look at the president's standing in these "the new york times"/cbs news polls. president obama 's approval rating dropped from 48% to 44% since april. also, the president's unfavorable rating at 48% with a favorable rating of 36%. jennifer reuben with "the washington post " and a cnbc contributor and karen finney, former dnc communications director and msnbc political contributor and raju nabu is a panelist. let's talk about the poll numbers. one to jump out at me, handling of the economy. president obama , now, approve 39%, disapprove 55%. and in april, it was 44-45. we see there's a crisis in consumer confidence . jobless claims above 375,000. karen finney --

>> you were going to do that.

>> there is a -- there is a big wave coming.

>> yeah.

>> it is the economy.

>> yeah.

>> how do you get out from underneath this?

>> it's obvious. this is baseline narrative of now and november. we have a number of jobs reports. that's not going away. i think the fundamental question both campaigns are trying to make the campaign about is who do you trust on the economy? again, the president is trying to get out there and make an argument. i'm not surprised to see the numbers where they are. within the margin of error, midsummer. this is about the time to sect --

>> 39-55 doesn't surprise you?

>> i tell you what. it doesn't because, look, it's the middle of the summer and frankly i would be more concerned if this was august, september. frankly, i don't think i put much stock in poll until august or september.

>> what i found interesting is that nearly two out of three voters in that poll hold obama partially or in great deal responsible for the economy and that's a change. i think the obama people banking on blaming it on bush or unforeseen factors and that's not working and the voters beginning to hold him accountable and a very dangerous place for him to be. it's one thing for the economy to be bad and other thing for the voters to say and it's your fault.

>> and the ownership is now --

>> yes.

>> -- pressing to president obama . on the hill, it's certainly seems like there's no legislation to affect these jobs numbers, the economy numbers. we have pretty much closed shop. correct?

>> that's right. there's political votes set up. we have votes next week to extend the bush tax cuts . democrats want them to expire on folks making more than $250,000 and that's going to be strictly designed to set the ra pa ram ters of the political debate . nobody expects anything mayor to happen but approaching the fiscal cliff at year end and one thing to have a chance is serious talks of how to reverse the defense cuts and other domestic program cuts and one thing --

>> a temporary punt.

>> two things. even with the numbers, romney's relatively even with obama . can't pull away and can't underestimate the impact of money spent against president obama by the outside groups so --

>> vastly outspending the romney campaign. spent about $100 million to no effect.

>> if you count the super-pacs, 2 to 1 in terms of ads.

>> may be having an impact.

>> two things. first of all, for the challenger to be tied with the president who has 100% name recognition and obama this low on the top number says to me a trouble. well, if your presidential candidate has 100% name recognition , well, well below 50%, that's a problem. second thing on the defense sequestration cuts, you are absolutely right. the problem with those for the administration is those notices go out to all those defense contractors in the fall and you will have another wave of people being laid off.

>> the story on the hill is talking to members, manu, states, ohio, virginia, florida, carolina, all with big defense contracting industries. that has folks on both -- in both sides on capitol hill worried. that's tough for the incumbent no matter who he is.

>> that's why there's a serious chance to get something at least a temporary some cover, something to prevent the layoff notices from going out because if you're a democrat or a republican, you don't want voters who have a layoff notice going to the polls.

>> come back. manu, there, thank