Mitt Romney
Former Massachusetts Governor Mitt Romney announces that he is formally entering the race for the 2012 Republican U.S. presidential nomination in Stratham, New Hampshire June 2, 2011. Reuters

A new Washington Post/ABC poll shows deflating approval for President Obama amidst dismal economic indicators while placing Mitt Romney atop the field of Republican presidential candidates.

Obama's approval rating surged after a team of Navy SEALs killed Osama Bin Laden, but that bounce has since evaporated. A majority of voters believe the country is not on the right track and disapprove of Obama's economic stewardship.

That is good news for Mitt Romney, who has built his presidential campaign around his business acumen and made job creation a top priority. He garnered the highest approval rating of any Republican presidential hopeful and is the only Republican who would win in a matchup with Obama, with respondents giving him a 49-46 edge. John Huntsman, Tim Pawlenty, Sarah Palin and Michele Bachmann are clustered together, with Newt Gingrich slightly outpacing them.