According to Newsweek's latest poll, John Kerry's fortunes are rising while Bush's approval ratings sink to an all-time low:

In a hypothetical vote, Kerry and Bush are locked in a dead heat, with Kerry pulling 48 percent or registered voters vs. Bush’s 46 percent.

While Kerry is enjoying his bounce in the polls, Bush’s approval rating is at an all-time low in the NEWSWEEK poll, slipping to 49 percent (with 43 percent approving). Almost half (49 percent) do not want to see the president reelected in the fall (compared to 45 percent who do), which represents a slight improvement in his favor over last week, when 52 percent didn’t want to see him re-elected (44 percent did).

For the first time in the NEWSWEEK poll, a majority (54 percent) believes the Bush administration misinterpreted intelligence about Iraq.

A majority of those polled didn't think Bush lied--just that he was mistaken. But,

More than half (55 percent) feel the U.S. did the right thing in going to war with Iraq, down from 62 percent in December.

Will it be enough to save Bush if he pulls bin Laden out of a hat before the election? Our view: Not if it also turns out he sat on the news for political purposes.