Obama Says Causes of Rating Downgrade Can Be Solved
Saying that he hoped the decision by Standard & Poor’s to downgrade the country’s rating “will provide a renewed sense of urgency,’’ President Obama said today the nation can solve its economic difficulties.
During remarks at the White House he said the country’s deficit problems were “eminently solvable.” And that it is not a lack of plans or policies that’s the problem, it’s a lack of political will.”
Obama, who said the United States will always be a AAA country,’’ was responding to Standard and Poor's decision to downgrade U.S. debt from AAA to AA+.
A House-Senate committee will make additional recommendations by November, aimed at cutting spending by $1.5 trillion over 10 years