Two new polls give Barack Obama the lowest approval ratings of his presidency as he struggles to pump life into a sluggish U.S. economy.

A Washington Post-ABC News poll gives Mr. Obama a 43 percent approval rating. The Wall Street Journal and NBC News put it at 44 percent. Both surveys say more than half of those asked disapprove of the job the president is doing.

Peter Hart, who conducted the Wall Street Journal poll, says if things do not turn around soon, Mr. Obama can no longer be considered the favorite to win reelection next year.

Most of those asked give the president his poorest marks for the way he is handling the economy.

Mr. Obama plans to make a major speech to the U.S. Congress Thursday when he is expected to announce a new jobs plan.

Meanwhile, Republican presidential contender Mitt Romney spelled out his economic plan Tuesday. It includes tax cuts for corporations, fewer government regulations for businesses, more domestic energy production, and sanctions against China for alleged intellectual property theft.

The Wall Street Journal poll shows that a possible presidential contest between Mr. Obama and Romney just about tied. Forty-six percent of voters would re-elect the president while 45 percent would cast a ballot for Romney, the former governor of Massachusetts.