Obama: U.S. Is Still a 'Triple-A Country'

President Barack Obama on Monday essentially dismissed the first-ever downgrade of the U.S. credit rating, trying to reassure investors and the public that the nation's leaders need only show more "common sense and compromise" to tame a staggering accumulation of debt.

Seeking to demonstrate command in a volatile economic climate, Obama said he hoped the decision by Standard & Poor's would at least give Congress a renewed sense of urgency to tackle debt problems. He said that must be done mainly by taking on the politically difficult issues of reforming taxes and entitlement programs in the coming months.

In his first public comments on the credit downgrade, which S&P announced late Friday, Obama said Washington had the power to fix its own political dysfunction.

"Markets will rise and fall," he said. "But this is the United States of America. No matter what some agency may say, we've always been and always will be a triple-A country."

S&P officials dropped the government's rating to AA+ from the top rating, AAA, based on a lack of confidence that Congress and the president will be able to shake their political gridlock and make more serious reductions in the long-term debt. The agency was dissatisfied with the deal lawmakers reached last week just in time to prevent a government default.

Obama said most of the world's investors agree that the United States remains a wise place to put their money.

Still, stocks sunk in trading Monday as U.S. investors joined a global sell-off after the downgrade.

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Sue

hurry up. go on another fund raising VACATION at our expense, your lowliness. you chicken s---t MF. maybe you'll get an Oscar for your role as a caring person , to go with the other honors you so richly don't deserve. wish it had been you in a casket at Dover. WORTHLESS

August 10 2011 at 10:23 AM Report abuse rate up rate down Reply
luckee8s

OBAMA WINNING THE FUTURE
WTF AAA RATING SCALE
A HIGH FOR DEFICIT IN HISTORY!!!!!!!!!!!!!!!!!!!!!!
A HIGH FOR FOOD STAMPS IN HISTORY!!!!!!!!!
A HIGH FOR SPENDING IN HISTORY!!!!!!!!!!!!!!!!!!!

August 09 2011 at 11:39 AM Report abuse +1 rate up rate down Reply
Sue

why doesn't someone essentially dismiss your sorry egotistical ass?

August 09 2011 at 10:42 AM Report abuse +1 rate up rate down Reply
gramps180

USA has been a plastic economy for a long time and the rubber band stretched so far it broke. This BS could not go on and a day has come when the devil wants his due.

August 09 2011 at 9:55 AM Report abuse +1 rate up rate down Reply
scottee

duh! the USA is not a AAA country anymore. thanks to both parties in congress. everybody happy?

August 09 2011 at 9:49 AM Report abuse +2 rate up rate down Reply
Mickylitz

juan354
This country went down in the hands of republicans. They are only there for the money not for the well being of the middle class; better said the hard working people.
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juan

If you believe that the democrats are for the middle class you're dumber than a ton of bricks.........
Democrats are for every dime they can squeeze out of everybody, their moral values are non existant and Obama proved one more time how insignificantly money means to the left by charging $ 35,000 a plate at his birthday bash........Get off the Democrat sauce.......................

August 09 2011 at 9:15 AM Report abuse +2 rate up rate down Reply
nomorebarry7

Where's Barry playing golf this week while he's out still campaigning since 2008?

August 09 2011 at 9:05 AM Report abuse +1 rate up rate down Reply
corsair807

OBAMA,BLA BLA BLA AND BLA BLA BLA,AND CHANGE YOU CAN BELIEVE IN , BLA BLA BLA.

August 09 2011 at 8:54 AM Report abuse +3 rate up rate down Reply
nomorebarry7

The only thing Barry has learned since being community organizer in chief,is how to print money and Blame Bush.

August 09 2011 at 8:48 AM Report abuse +5 rate up rate down Reply
1 reply to nomorebarry7's comment
scottee

it's true. he's a divisive community organizer and he has his reparation, which I think was his goal all along.

August 09 2011 at 9:50 AM Report abuse +1 rate up rate down Reply
FoxableMe

President Obama....STEP UP OR STEP DOWN!

August 09 2011 at 8:47 AM Report abuse +5 rate up rate down Reply
1 reply to FoxableMe's comment
scottee

my husband said Obama will only vote "present" from day one...and it's proving to be true.

August 09 2011 at 9:50 AM Report abuse +1 rate up rate down Reply