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More Americans are unhappy with the way President Biden has managed the economy compared to when the president first took office, according to a new poll.

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An ABC News/Washington Post poll released Sunday shows 74% of Americans say the economy is in bad shape, up from 58% in the spring of 2021.

As the US Federal Reserve raises interest rates to combat record high inflation, 84% of respondents cited the economy as the top issue, and 74% said the same about inflation ahead of the midterm elections in November.

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Meanwhile, 62% say that abortion is the main problem.

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According to the poll, Republicans are 16 points ahead of Democrats in confidence in managing the economy and 19 points in confidence in managing inflation.

Recession fears are looming after the US Federal Reserve raised interest rates last week in a bid to curb inflation that has been high in decades.

Last week, the Fed raised the base rate, which affects many consumer and business loans, to a range of 3% to 3.25%. At the beginning of the year it was close to zero. The Fed also issued a forecast suggesting that its base rate could reach 4.4% by the end of the year, a full point higher than it was estimated in June.

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On Monday, the average price per gallon of regular US gasoline rose for a sixth straight day to $3.725 after dropping nearly 100 straight days during the summer driving season.