S&P Downgrade: Stocks Tumble, Obama Makes Statement

Days after Standard & Poor cut the long-term debt rating for the United States to AA+ from AAA on Friday, and today did the same thing for dozens of US issued bond issues.

The President made a statement earlier this afternoon.  “We didn’t need a rating agency to tell us we need a balanced, long-term approach to deficit reduction,” he said in his televised remarks.

Stocks continue to nosedive as investors react to the news.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s