President Bush's approval rating dipped two points in the last three weeks -- to 34% -- "despite the foiling of an airline terror plot and the adoption of a cease-fire deal between Israel and Hezbollah forces in Lebanon," a new Zogby telephone poll shows.

Just one third of respondents -- 34% -- said that "the nation is headed in the right direction, while 59% said they think things are off on the wrong track."

Key finding: "The numbers continue to reflect erosion in the President’s political base -- just 62% of Republicans give him positive marks for his job performance, while 38% give him negative marks."