Democratic polling firm Public Policy Polling is out with its latest national poll today, and it’s brutal for Barack Obama. Some highlights:

• Overall, 46% of voters approve and 48% disapprove of his job performance.
• Only 44% of Indies approve of him, while 49% disapprove.
• A surprising 16% of Democrats disapprove. Just 10% of Republicans view him favorably.
• Indies would favor Mitt Romney over Obama by a 46-37% margin.
• 13% of Democrats would back Romney over Obama.

Even worse: The vast majority of undecided voters strongly disapprove of Obama’s job performance. 61% of undecideds disapprove and only 21% approve. They’re just waiting to see who Republicans nominate. Romney would lead Obama 52-48 if you factor-in these undecideds.

If you factor-in undecideds for the remaining Republican candidates you get:

• Obama leading Bachmann by just 51-49.
• Obama and Pawlenty tied at 50-50.
• Obama leading Cain by just 51-49.

(The only candidate who would badly trail Obama would be Sarah Palin. With undecideds factored-in, she would trail Obama by 8%, or 54-46%.)

The results are clear: Obama is potentially at the weakest point of his presidency. Voters are now looking for another president and will jump at the opportunity if Republicans nominate the right person. Obama is no longer the it-guy but rather the fallback guy. Very bad news for the administration, but very good news for Republicans.