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.
2:04pm | That’s it for Obama.
He walks out without taking any questions. Highlights to follow.
2:02pm | Obama now mentioning the loss of 38 U.S. and Afghan troops on Saturday.
“We will press on, and we will succeed.”
Obama says if payroll tax cuts not extended, it could mean 1 million fewer jobs
1:54pm | Obama says our problems are imminently solvable, and we know what we have to do to solve them.
He calls for tax and entitlement reforms, saying they need “common sense and compromise.”
1:50pm | Two minute warning.
1:47pm | We’re still waiting for Obama.
No word on what the delay is.
1:01pm | The White House has just announced that President Obama’s statement has been pushed back to 1:30.
His remarks were originally scheduled for 1 p.m. No reason was given for the delay.
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