Obama Blames Politics for S&P Cut
"Markets will rise and fall but no matter what some ratings agency might say, we're still America, and we always have been and always will be a triple-A country," Obama stated.
Monday is the first session since Standard & Poor's made the unprecedented decision to strip the United States of its triple-A credit rating late Friday.
Following a back-and-forth debate with the Treasury Department over its analysis, the ratings agency reportedly acknowledged an error but still went ahead and dropped its assessment of U.S. debt to AA+, citing its view that current deficit reduction plans are inadequate.
Written by Michael Baron in New York.
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