– Obama: “No Matter What Some Agency May Say, We’ve Always Been And Always Will Be A ‘Triple-A’ Country” (Business Insider, Aug. 8, 2011):
President Barack Obama addressed the S&P downgrade in a statement to the American people Monday, saying “no matter what some agency may say, we’ve always been and always will be a AAA country.”
He called the action by S&P “a warning” and called on the “Super Committee” on deficit reduction to reach a compromise on reforming taxes and Medicare.
Obama added that the downgrade was a reflection of the ratings agency’s doubt in “our political system’s ability to act” to rein in growing deficits.
He called on Congress to quickly pass an increase to the payroll tax cut set to expire next month, warning it could cost as many as 1 million jobs.
In his first public remarks on the subject, Obama also expressed his condolences to the families of the U.S. and Afghan troops killed on Saturday.