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.

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