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If President Barack Obama had piled up political capital with his impressive re-election, it’s largely gone.

His approval rating has dropped to the lowest level in more than a year, with more voters now turning thumbs down on his performance than thumbs up, according to a new McClatchy-Marist poll. The measure of how much people like him also has dropped.

He’s still vastly more popular than Congress, particularly congressional Republicans. But in the biggest political clash of the year – over the federal budget and how to curb deficits – voters split 44 percent to 42 percent between preferring Congress or Obama.

At least some of the president’s fall to Earth lies in the fact that voters no longer see him in the context of an election. He has to stand alone in the eyes of voters again and doesn’t benefit from the comparison with Republican rival Mitt Romney.

“You remove the electoral context and post-election celebration, and some of the numbers are returning to the dissatisfaction people had,” said Lee Miringoff, the director of the Marist Institute for Public Opinion at Marist College in New York, which conducted the poll.

“Any glow from his re-election is starting to fade,” he said.