Natalie Gonnella
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August 2 is just a week away, and as the debt standoff continues in Washington, Americans' are quickly losing faith in the country's fiscal future.
Amid the current budget gridlock, according to Gallup's latest economic analysis:
Seventy-three percent of Americans in Gallup Daily tracking over the July 22-24 weekend say the U.S. economy is getting worse. This is up 11 percentage points from the three days ending July 6, and the worst level for this measure since the three days ending March 12, 2009.
And with the possibility of an unprecendented credit downgrade becoming a more likely reality, voters' economic confidence has (unsurpisingly) fallen further over the course of the past week:
As a result of the declines in Americans' assessments of the economy's current state and its future direction, Gallup's Economic Confidence Index fell sharply to -46 in the three days ending July 24 -- worsening from -41 before the weekend and -30 at the beginning of the month.
While it remains to be seen if Washington can reach a concesus on the debt ceiling, it will be interesting to see how consumer psychology could shift (for better or for worse) as negotiations continue ahead of next Tuesday's default deadline.
The full results of Gallup's last economic confidence survey is available to view here.
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