Source: Obama to offer reassurance on economy
August 8th, 2011
12:18 PM ET

Source: Obama to offer reassurance on economy

President Barack Obama will make a statement to reporters Monday about the downgrade of the U.S. credit rating and the loss of U.S. service members, including 22 Navy SEALs, killed in Afghanistan over the weekend, a White House official said.

The comments are scheduled for 1 p.m. ET at the White House.

According to the White House official, Obama will offer a reassuring assessment of the economic situation, citing reasons for confidence in the U.S. economy despite the decision last week by Standard & Poor's to downgrade the U.S. credit rating for the first time in history.

In addition, Obama will call again on the special congressional fiscal committee to be set up under the recent debt ceiling deal to take a "balanced" approach to deficit reduction that he has been advocating, the official said.

Obama has called for a comprehensive agreement that would cut spending, reform entitlement programs and increase tax revenue. Republicans oppose any kind of tax increase, and many reject increased tax revenue even if the tax rates remain the same or are lowered.

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Filed under: Barack Obama • Politics
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  1. V

    $35 million was reportedly paid out by Medicare to 118 "phantom" medical clinics that never even existed. Apparently these "phantom" medical clinics were established by a network of criminal gangs as a way to defraud the U.S. government.

    August 17, 2011 at 8:00 pm | Report abuse |
  2. V

    The Conservation Commission of Monkton, Vermont got $150,000 from the federal government to construct a "critter crossing". Thanks to U.S. government money, the lives of "thousands" of migrating salamanders are now being saved.

    August 17, 2011 at 8:00 pm | Report abuse |
  3. V

    In California, one park received $440,000 in federal funds to perform "green energy upgrades" on a building that has not been used for a decade.

    August 17, 2011 at 8:01 pm | Report abuse |
  4. V

    $440,955 was spent this past year on an office for former Speaker of the House Dennis Hastert that he rarely even visits.

    August 17, 2011 at 8:02 pm | Report abuse |
  5. V

    One Tennessee library was given $5,000 in federal funds to host a series of video game parties.

    August 17, 2011 at 8:02 pm | Report abuse |
  6. V

    The U.S. Census Bureau spent $2.5 million on a television commercial during the Super Bowl that was so poorly produced that virtually nobody understood what is was trying to say.

    August 17, 2011 at 8:06 pm | Report abuse |
  7. V

    The National Science Foundation gave the Minnesota Zoo over $600,000 so that they could develop an online video game called "Wolfquest".

    August 17, 2011 at 8:08 pm | Report abuse |
  8. V

    A pizzeria in Iowa was given $60,000 to renovate the pizzeria's facade and give it a more "inviting feel".

    August 17, 2011 at 8:08 pm | Report abuse |
  9. V

    The U.S. Department of Agriculture gave one enterprising group of farmers $30,000 to develop a tourist-friendly database of farms that host guests for overnight "haycations".

    August 17, 2011 at 8:09 pm | Report abuse |
  10. V

    $800,000 was given to study the impact of a program that teaches men in South Africa how to properly wash their….... you can fill in the rest.

    August 17, 2011 at 8:13 pm | Report abuse |
  11. V

    $559,681 was spent on treadmills for shrimp. Really? I could buy a new house, 2 new cars, and pay off every debt I've ever had with that. The super rich that run this country should be ashamed of themselves.

    August 17, 2011 at 8:22 pm | Report abuse |
  12. V

    The main point of a blog is to utilize our free speech to voice our unique views and opinions on any particular topic. The problem is the people that run this country don’t actually read our posts or take our views to heart. If you think about it we're all just wasting our time venting about issues that are beyond our power to change. Or are they? Ask yourself one question. Are you as people content with being ignored by the very leaders you’ve hired to work for you, or will you refuse to be lost in the annals of history and fight back? This great nation was formed by the people for the people, and it can be re-formed the same way. All you lack is a voice with the courage and conviction to rally behind. The choice is yours.

    August 17, 2011 at 8:39 pm | Report abuse |
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