President Obama, Mitt Romney polling neck-and-neck on economy

President Barack Obama and likely Republican nominee Mitt Romney are in a dead heat over jobs and the economy, according to a new Washington Post-ABC News poll.

American voters say if the election were held today, 49 percent would cast their ballots for Obama, while 46 percent would vote for Romney, the Washington Post reported.

However, when it comes specifically to the economy, they are polling neck-and-neck at 47 percent.

More from GlobalPost: Obama campaign ad attacks Mitt Romney's Bain tenure

Of those polled, 47 percent approve of the way the Obama is handling his job as president, while a slighter larger group, 49 percent disapprove.

More than half of all Americans say the overall economy is the number one issue that will determine their vote in November, even more important than health care, taxes and the federal deficit.

More from GlobalPost: Newsweek cover: Obama is country's "first gay president"

Meanwhile, the Christian Science Monitor reported former Secretary of State Colin Powell who endorsed Obama four years ago, declined Tuesday to endorse either candidate saying he wasn't ready "to throw my weight behind someone" at this time.